If I claim 3 on federal w-4 does it mean i get less money in my paycheck and more and tax time, or do i get more in paycheck and less at tax time. the higher the number i claim what does that mean?
2007-08-31 10:35:24 · 7 answers · asked by Melissa P 2 in Business & Finance ➔ Taxes ➔ United States
If you claim 3 on the W-4, then you'd get more in your paycheck then if you claimed 0, 1, or 2, and less in your paycheck then in you claim 4 and above. The higher the number you claim means the less that is taken out for federal withholding with each paycheck. So you'll get more at pay time, but could get either less for a refund, or end up owing the IRS.
2007-09-01 06:31:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Compared to what? If you claim 3 on your W-4, you'll get more in your paycheck and the same total amount less in your refund that if you claim zero. The higher the number on your W-4, the less they take out of your paycheck - and the less they take out, the smaller your refund.
2007-08-31 14:23:15 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
the more you claim on the W-4, the less the with-holding amount will be. and there fore it will be less on your refund at the end of the year. daddy always said that we should claim more and put the extra in a savings account to accrue interest and that in the long run we would create more money for us. however, new law states that if you do not pay a certain amount during the year and you owe them money - that money will be taxed heavily and depending on how much it could also mean a fine. Sorry, but i'd rather let the government hold on to mine and then get the bigger refund at the end of the year. it always makes me think it is "free money". i wouldn't claim everybody - well actually i dont claim anybody, not even myself. i like the big check.
2007-08-31 10:45:12 · answer #3 · answered by lazi_luci 2 · 0⤊ 0⤋
The higher the number the lower the amount of money taken from your pay check. If you like the big refund then claim a lower number on your pay check. I claim 6, because my daughter and I need the money now.
2007-08-31 10:41:24 · answer #4 · answered by mommy2two 2 · 0⤊ 0⤋
The more dependents you have the more money you get every week and the less you get at tax time.
2007-08-31 10:39:43 · answer #5 · answered by ? 7 · 0⤊ 0⤋
more you claim, less is witheld, higher the paycheck
2007-08-31 10:39:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The more you claim, the more you get in take home pay.
2007-08-31 10:39:24 · answer #7 · answered by Anonymous · 0⤊ 0⤋