im 22, female, head of household, no kids, no dependants. just me... i have 4 listed now i dont know what they are but should i have 4 or 0?
2007-07-10 14:06:17 · 5 answers · asked by divinemadness 4 in Business & Finance ➔ Taxes ➔ Other - Taxes
this will help you calculate it
http://paycheckcity.com/w4/w4instruction.asp
2007-07-10 14:11:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
How are you head of household? With no kids, about the only way you could be is if you are providing a home for a parent who is your dependent, and you said you don't have any dependents. Otherwise, for tax purposes you are NOT head of household - you'd file as single. Four is way too many allowances to claim unless you have high itemized deductions or credits. Change your W-4 to zero right away - you will probably still owe for the year. It would be a good idea to have some extra taken out each pay period in addition to claiming zero - since you don't say how much you make, there's no real way to calculate how much extra.
2007-07-10 21:30:44 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
You are NOT Head of Household! For withholding purposes you can claim up to a total of 2. Claiming 1 will assure that you have no tax bill at the end of the year.
If you claim 4 you WILL be hit with a heavy tax bill at filing time. Possibly including penalties for underpayment of taxes throughout the year. If you've been claiming 4 all year, you need to change it to 0 immediately to avoid a bill at the end of the year. You might even need to have additional tax withheld from your pay to avoid a bill at the end of the year. If you post your details someone can probably crunch the ### for you and let you know where you stand.
2007-07-10 23:50:08 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You cannot be head of household if you do not provide a home for a qualifying person.
You will owe dearly at tax time.
Head of Household
Generally you must be single to file as a head of household (HOH). However, a common — and expensive — error is filing as a single taxpayer when you actually qualify as a HOH. As a head of household, you are entitled to more generous tax brackets and a bigger standard deduction. Plus various other tax rules are much more favorable for HOH filers than for singles.
Say you are single and have an unmarried child or grandchild who lives with you for over half the year and doesn't support himself or herself. If you pay over half the cost of maintaining your home, you should probably be filing as a HOH.
If you are single and can claim your parent as a dependent, you can probably file as a head of household too. In this case, you are an HOH if you pay over half the cost of maintaining your dependent parent's home, whether or not your parent actually lives with you.
Finally, you can generally file as an HOH if you are single and pay over half the cost of maintaining the principal home for yourself and another relative who: (1) lives with you over half the year, and (2) can be claimed as your dependent.
You may also qualify if you were still married at year end and lived with your child but apart from your spouse for at least the last half of the year. This is the so-called abandoned spouse rule. It's the only exception to the general rule that you must be single to be an HOH.
2007-07-10 21:08:31 · answer #4 · answered by csucdartgirl 7 · 2⤊ 0⤋
You don't qualify for Head of Household without children.
You should have 1, for yourself, and that is it. If you earn a lot of money 0 will help you at tax time.
2007-07-10 21:10:12 · answer #5 · answered by Landlord 7 · 3⤊ 0⤋