I am only going tho make $200 at one job before taxes, so i think i can claim exempt there. However at my other job i will be making well over 10,000. and will be claiming 1, or 2(which is better?) So can i do that at the smaller job?
2007-06-20 02:28:28 · 5 answers · asked by Alesana87 2 in Business & Finance ➔ Taxes ➔ United States
Sure, you can claim exempt on the smaller job, but just remember, they still will take out social security and medicare taxes. That they have to take out no matter what you claim.
2007-06-20 03:42:30 · answer #1 · answered by Anonymous · 0⤊ 5⤋
If you are only making $200 they probably won't hold out taxes. If you think you will owe taxes because of the $10,000 job then claim 0 on exemptions and they'll hold out more taxes. The lower the number you claim, the more they hold out. You might be ok claiming 1, if you want to try it.
2007-06-20 02:59:45 · answer #2 · answered by angela 6 · 0⤊ 0⤋
Leave it alone. First of all, it doesn't work if your employer does things the way they're supposed to. Unusual payments like bonus checks have a flat 25% taken out for federal income tax, and don't use your W-4 at all. The other thing is that it's illegal to put exempt on your W-4 if you really aren't, even for a short time. You can be fined if you get caught trying it. The total money is the same anyway - if they take out too much, you get the extra back in your refund - if they don't take out enough, the extra you owe comes out of your refund, or if it isn't big enough to cover it, you have to pay the additional.
2016-04-01 07:34:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It's your total income for the year, not your income at one job. So no, you can't legally claim exempt at either job.
If you claim exempt at the small job, you're likely to end up owing tax when you file your return since you still have to report it. Besides, it's illegal to file exempt if you expect to owe ANY tax for the year, and you do.
On the higher paid job, unless you have dependents or credits you haven't mentioned, file single -1 or single - 0. If you file single -2, you could end up owing penalties in addition to taxes when you file.
2007-06-20 04:18:42 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
You can do anything you want. There's no law that says you have to claim so many exemptions, but you are responsible for the taxes regardless of how many you claim.
2007-06-20 02:35:10 · answer #5 · answered by Somethingtotry 6 · 1⤊ 5⤋