Is it possible to claim "0" on a W4 form. I'm single, no dependents, can not be claimed as an dependant, not itemizing. Earning $40,000 a year and starting job late in the year.
2007-09-03 03:34:24 · 4 answers · asked by Sharon 2 in Business & Finance ➔ Taxes ➔ United States
I think that you mean can you claim "exempt" for the rest of the year.
The answer is "No".
If you work from now until the end of the year, you will make just over $13000 which will definitely give you a tax liability when you file the return.
2007-09-03 03:58:05 · answer #1 · answered by Wayne Z 7 · 1⤊ 0⤋
You can always claim zero on your W-4. That way they would take out more than needed. You'd get it back as a refund when you file your tax return.
If you mean can you file exempt, no, since even working only that much of the year, you would still have tax liability although not very much, around $500 or a little less.
Your employer will withhold taxes as if you made that much all year, which would result in an overpayment. You could claim 4 for the rest of this year and still come out OK at tax time, and would get a little more in your paychecks for 2007. But if you do that, be SURE to change it back to 1 at the end of the year, or you'll have problems for 2008 when you'll be working all year.
2007-09-03 05:53:46 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Your questions contradicts the facts you present. Claiming zero on your W-4 will result in maximum withholding while it sounds like you are trying to get more net pay.
Your tax due on $40,000 will be about $4,000 total so you will have to tweak your W-4 so that that much is withheld by the end of the year.
2007-09-03 03:49:18 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You may will not owe tax if your only income is from wages as you describe.
If you owed zero taxes last year, and because of your filing status (which would result in more than your wages in deductions and exemptions), you will not owe any tax for 2007, you could fill out your W-4 as exempt and change it in January to the correct number of allowances.
However I recommend that you fill out your W-4 showing the "normal" number of allowances for your situation from the beginning. You will receive a refund of your withholding for the last few months of 2007 and will not have to adjust your withholding for 2008.
2007-09-03 04:34:14 · answer #4 · answered by ninasgramma 7 · 0⤊ 1⤋