2007-06-13 05:44:41 · 9 answers · asked by leaves 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
every legal dependent and a fudge for deductions
if you under withhold, you may be subject to penalties.
2007-06-13 05:50:57 · answer #1 · answered by pops 6 · 0⤊ 1⤋
None. You don't claim dependents on your W-2. Form W-2 is prepared by your employer shortly after the end of the year to tell you how much you made and how much was withheld from your pay for taxes.
You file a Form W-4 with your employer to tell them how much tax to withhold from your pay. Part of the calculations are based upon your marital status and the number of dependents you have but that's only part of the story. If you hold more than one job, have a spouse who works outside the home, have significant outside income that is not subject to withholdinig, or have significant deductions such as a large home mortgage or large charitable deductions those all must be taken into consideration.
There are 2 worksheets on page 2 of Form W-4 that will help you arrive at the correct number of withholding exemptions. The number you arrive at there is what you are legally allowed to claim. You may claim less (you'll pay more tax in and maybe get a larger refund) but you generally should not claim more as you may wind up underpaying your taxes and could owe penalties as a result.
2007-06-13 19:31:11 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
you don't claim dependents on your w2 you claim them on a w4 but the more you claim the more taxes you get to keep but at the end of the year when you file your taxes you better make sure you have that many dependents b/c if not you're going to most likely owe money
2007-06-14 14:20:32 · answer #3 · answered by ~*~*Jen~*~*~ 2 · 0⤊ 0⤋
If you're asking about claiming allowances on your W-4, you can claim one for each exemption you'll have, plus additional allowances for things like high itemized deductions, or credits. There are worksheets with the W-4 to help calculate what to claim.
2007-06-13 17:06:02 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
Technically, there is no maximum. If you have 500 dependents, you may claim them all.
2007-06-13 17:40:31 · answer #5 · answered by Plea_of_insanity 5 · 0⤊ 0⤋
From my understanding the safest number should be two dependents and it maybe the highest number you can get. But most definitely you shouldn't go over two dependents so the IRS won't start investigating.
2007-06-13 12:58:23 · answer #6 · answered by Chasity C 2 · 0⤊ 3⤋
You can claim as many dependents as you actually pay money out of pocket for. If you don't actually pay out of pocket for them it is considered fraud. There is a cap which changes from state to state.
2007-06-13 12:54:32 · answer #7 · answered by Rothwyn 4 · 0⤊ 2⤋
all of them that are legal dependents.....
2007-06-13 12:47:47 · answer #8 · answered by jonni_hayes 6 · 0⤊ 1⤋
I believe up to eight on your w-4. Trust me, you do not want to do this.
2007-06-13 12:53:34 · answer #9 · answered by Fool in the Rain 6 · 0⤊ 1⤋