I just got my first job, as a cashier, about a week ago. I haven't gotten my first check yet,so is it too late to change the single and 1 thing to single and 0? What's the difference? I didn't really know what to put at the time, so I just put single and one, but my mom says I should have put single and 0? Why?
2007-09-28 11:22:10 · 7 answers · asked by ♥Kay 4 in Business & Finance ➔ Taxes ➔ United States
if you are still a minor, you have no dependents, you are one. If you are eighteen and out of school, claiming no deductions on your check and claiming one at the end of the year, you will recieve a refund (if that's your only income/tax payment) It's not the wisest investment for your money, but it's better than having to pay in more taxes at the end of the year.
2007-09-28 11:26:33 · answer #1 · answered by Ruth C 7 · 0⤊ 2⤋
You can change it by filling out a new W-4 - it might take a couple weeks to catch up, so your first check might show withholding at the single/1 rate.
If you can be claimed as a dependent, you should put single/0. If you are not a dependent so can claim yourself, you'd be OK with single/1. The difference is that with single/0 they'll take out a little more tax from each paycheck. If you end up overpaying, you'll get the extra back at the end of the year - that's what a "refund" is.
2007-09-28 21:06:39 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
The only difference in general is that, when you claim for 1 the government will take out less money (tax) from your paychecks each month. That also means you might owe the government money at the end of the year. When you claim 0, the government take more money (tax) out from your pay checks, but you might get a refund check after you file your tax at the end of the year. But over all, you pretty much pay the same amount of the income tax at the end of the year. Do remember, the situation also depends on how much you make a year. Because this depends which tax bracket your are in.
2007-09-28 18:32:05 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If your partents are going to claim you as a dependant on their tax return (depending on your age and if you are going to school) then they could be entitled to your personal exemption.
If they are not allowed to claim you (per IRS regulations) then filing Single and 0 means that you are taking more money out of your check to prepay your income taxes. You'll get a larger refund in April but you live with fewer funds today.
Since this is your first check it should not make a difference in your tax liability. Just submit another W4 to your employer. You can get one off of the IRS Web site (www.irs.gov) under the forms and publlications section
2007-09-28 18:27:44 · answer #4 · answered by confair 2 · 1⤊ 0⤋
the way you filled out the w-4 you will get a refund at the end of the year.single and no dependents You would get more money each week. It is never to late to redue a w-4 and you can change it any time you want.
2007-09-28 18:29:01 · answer #5 · answered by Anonymous · 0⤊ 1⤋
I believe you are talking about exemptions (w4). You can change them at any time..
http://en.wikipedia.org/wiki/Tax_forms_in_the_United_States#W-4
Also see the sources below for help.
2007-09-28 18:28:50 · answer #6 · answered by Darkfire 2 · 0⤊ 0⤋
no you can change it and they'll adjust it in your next paycheck
2007-09-28 18:27:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋