how much money do you think i will lose from taxes need help asap?

Question

i make 225.00 a week and i accidently put i was single with no children instead of putting exempt, how much money should i expect to lose, i would change it but if its not a signifigant amnt of money, then i wont worry about it

Answer 1

You won't lose anything. When you file your tax return you will get a refund.

Answer 2

If you're making $225 a week all year, and are single with no children, then you are NOT exempt - why do you feel you should have put exempt? It would be illegal to do that, and you could be subject to a large fine for claiming exempt if you're not. Exempt means you do not expect to owe any tax - and they wouldn't withhold anything for federal income tax. At $225 a week, single and no dependents, you will owe a few hundred dollars for the year. They're probably taking maybe $6 a week out of your paychecks for federal withholding. If they are, then you'll come out about even when you file your tax return early next year. If they take out more than you owe, you'd get a refund.

Answer 3

This answer is based on your yearly earnings of $11,250, assuming you will work 50 weeks a year with 2 weeks vacation.

If your withholding is Single 0 versus exempt, an amount of $5 per check should be withheld for federal income tax. This answer is also assuming you have no children and no other income and your tax will be approx. $225 next April.

Hope that helps.

Answer 4

You cannot be exempt if you make more than $850.00 per year according to W-4 instructions.