I am single and have no dependents and no one can claim me as a dependent. so, is it only one exemption?
2007-05-07 07:52:32 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Depending on itemized deduction you may have, 1 or 2 is probably best. The best answer is to use the withholding calculator on the IRS website.
2007-05-07 12:20:19 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
You can claim as many exemptions on your W-4 as you want. However, if you are looking to make it so you don't either owe any money or have a big refund, then you should claim 1 exemption for every $3400 in deductions that you plan on having.
Read Publication 15 for more information.
2007-05-07 18:23:31 · answer #2 · answered by Steve 6 · 0⤊ 0⤋
You can take two right off, you may take more if certain circumstances allow, just fill the worksheet out on back. I'm also single, with no kids and no one can claim me as a dependent and I'm able to take four.
2007-05-07 16:20:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
From 0 to as many as you legally have AND in some cases more IF your tax situation warrants it (such as legitimate business loses, high deductable home interest, etc.). Be careful however, since USA has a "pay as you go" system, if you don't take the tax out as you earn it, you MAY be penalized at tax reporting time with penalty and interest.
2007-05-07 15:04:24 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Fill out the top section. I believe you can go as high as 3 and wind up oweing no tax at end of year. Fill out the top section and see what your total is.
2007-05-07 15:05:33 · answer #5 · answered by acmeraven 7 · 0⤊ 0⤋
Yes, claim one or zero unless you have high itemized deductions or adjustments.
2007-05-07 17:47:49 · answer #6 · answered by Judy 7 · 0⤊ 0⤋