worksheet. im single mom, 1 child, 30k yr. seem right?
2007-09-07 14:03:45 · 4 answers · asked by paganesque 2 in Business & Finance ➔ Taxes ➔ United States
Ok. Let me explain something.
The exemptions are the people you are claiming in your household this means you have 6 people living with you.
And the higher the No. the less taxes you will pay during the year but you will pay for this at the end of the year. I have a bbrother who did this last year, he made 50k, has 1 child and had 5-6 exemptions, it did not go well at tax time, I did his taxes for him and I tried all I could to save him money but he still ended up owing 2-3 k.
You can play with it a little, maybe try half a year with 3 exemptions and then the rest of the year do 0 or 1. At any time you can ask your employer that you wish to change your w4. s/1 is the best for you if you dont want to owe ok. Good luck.
Tax Specialist 7 years.
2007-09-07 14:39:45 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I would only claim one exemption on the W4 form. But when you file your income taxes, then claim two. It sounds like that you are not having enough tax withholdings and you are going to be highly upset when you file taxes for 2007. Not only are you going to pay big time but you will also face a possible tax penalty. You should only claim the number of exemptions that you are legally entitled to no matter what.
2007-09-07 15:13:28 · answer #2 · answered by Gary 5 · 0⤊ 2⤋
Assuming you claim the child and he or she is under 17 so you get the child tax credit, yes that seems right.
2007-09-07 14:30:05 · answer #3 · answered by Judy 7 · 1⤊ 1⤋
It's actually a W-4. Yes, that seems reasonable.
2007-09-07 14:11:40 · answer #4 · answered by miketorse 5 · 1⤊ 1⤋