so I've gotten two jobs over summer and for my W-2 forms what should i claim???

Question

I claimed ZERO. so was that the right one?? which claim is the one that takes out the least amount..and which one takes about the most amount??

Answer 1

Single Zero will result in the most taxes taken out of your check.

The zero relates to the number of exemptions you claim when you file your taxes at the end of the year.

If your parents can claim you as a dependent on their tax return, then claiming zero would be the way to go.

However, if you earn less than $4000, you will not have to pay any taxes at the end of the year, so any Federal and State taxes you take out now would probably be refunded to you when you file your tax returns.

If you did not pay taxes last year and again, will not earn more than $4000, you should claim exempt. That way you will only pay FICA (Social Security/Medicare) and possibly some State taxes (In California we have to pay CA Disability even if you claim exempt)

Answer 2

Claiming zero makes sense, especially if you are a dependent of someone, like of your parents. If you don't make much, it probably doesn't matter what you claim since they won't take out a lot, if anything. But by having two jobs, if you make over around $5500, you could end up owing, and probably would if you didn't claim zero.