I am going to be making less then 20,000 this year, how many tax exemptions should I put? 3 too much?

Question

Filing taxes

Answer 1

At $20K, your tax is only around $1,300. If you claim single and 3, and you're paid weekly, you're withholding is around $14/week, or $728/year, so you would end up owing with that many exemptions. If you're making less than $20K, the difference would be around the same.

However, you can't claim 3 allowances on your W-4, if you can't claim that on your tax return... in other words, you need to be married with a child, or have two children in order to claim 3 exemptions. If that's not the case, you will have to claim either single & 1, or single & 0. In your situation I would file single & 0. Total tax withheld will be around $2200, potentially giving you a refund of around $900. Single and 0, would give you $1700 in withholding, and around $400 in refund, assuming no other income/deductions.

Hope this helps!

Answer 2

I assume you're asking what to put on your W-4. That depends on how many exemptions you will actually have when you file your taxes, and other things about your tax situation. If you're single, no dependents, no extra deductions or allowances, then you'll probably end up owing taxes when you file if you put 3 on your W-4.

Answer 3

If you are single, no dependents, okay. Just fill out the top portion of the W-4. You will probably be just about on the line with 3.

Answer 4

Put as many as you can legally support if you're audited