I am a single adult no dependents, cannot be claimed as a dependent. I do not want to owe taxes at the end of the year.
2007-09-21 04:39:01 · 3 answers · asked by K 3 in Business & Finance ➔ Taxes ➔ United States
I thought that if you claim more allowances the less taxex taken out, which means a bigger paycheck but less of a refund...is this right?
2007-09-21 04:46:44 · update #1
on the wd4 form it says enter 1 if no one else can claim you as a dependent and it also say on another line enter 1 if you only have one job or blah blah blah... so i had 2 allowances..does that give me a bigger paycheck and smaller refund? or should i only claim 1? i can't claim 0 b/c i need the most out my paychecks
2007-09-21 04:58:59 · update #2
Claiming one will leave you with a smallish refund and about the largest paycheck possible without having to owe at the end of the year.
If you claim 2 you may have a small bill at the end of the year. Typically you should be within $50 of even money with the IRS. You will of course get more $$$ in each paycheck.
2007-09-21 04:43:54 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
S-1 should be about right unless you own a house. S-0 will withhold a little more so you might get a refund.
If you really want a large refund you could have them withhold a cash amount each payday too but that would just be a interest free loan to the IRS.
2007-09-21 12:30:31 · answer #2 · answered by shipwreck 7 · 0⤊ 0⤋
When I was single I always claimed 0 just to be sure I wouldnt have to pay at the end of the year. My paychecks of course would be smaller.
2007-09-21 11:47:28 · answer #3 · answered by Ashley B 4 · 0⤊ 0⤋