wat do i put down on my w4 form for them to take out less taxes....im 21 im married..i live with my wife in an apartment. and its just us 2 and she dont work and i make 24000 a year..
how many allowances do i put
? and do i put exempt or non exempt?
2007-06-21 11:52:13 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Normally that would be 3 allowances.
But you should use the IRS Withholding Calculator to see for yourself:'
http://www.irs.gov/individuals/article/0,,id=96196,00.html
At the end, it will tell you how many allowances to enter on the W4 form.
It's perfectly legal to enter more or less than the recommended number. If you enter less, more tax will be withheld and you will likely get a refund check when you do your taxes next year. Enter more allowances and less tax will be withheld. If you need a few extra dollars each paycheck now and you can handle a tax bill next April, then it's okay to increase your W4 allowances by one, maybe two.
But let me emphasize this: the less you pay during the year, the more you will pay next April. And if you can't pay your tax due amount by the filing date, you will also owe penalties and interest.
2007-06-21 12:24:31 · answer #1 · answered by greymatter 6 · 0⤊ 0⤋
If your income is such that you will owe ANY federal income tax, it is illegal for you to file a W-4 as exempt.
If you are married and your wife doesn't work, and you have only one job, you can file it as married with three allowances - one for each of you, plus one for her not working. See the worksheet on the form - you'd have 1 on lines A, B and C.
2007-06-21 19:12:19 · answer #2 · answered by Judy 7 · 1⤊ 0⤋