How many to claim I claim on W4 without owing?

Question

How many can I claim on my W4 aithout ending up owing money? According to the form 6?!?! I am single with one child, no child care expenses and make approx. 26,000 a year

Answer 1

With one child you may claim head of household (HOH) which provides favorable tax rate than filed as single.

Based on your wages only, your tax when filed HOH will be about $3,340 (2007 tax rates)

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

Need to know the frequency of your pay (weekly, bi-weekly, semi-monthly) to determine the most favorable number of exemptions to claim on the W-4 but off the top of my head, you should be safe with S-6.

Here is the IRS withholding calculator which should provide additional info:

http://www.irs.gov/individuals/article/0,,id=96196,00.html?portlet=2

Please also refer to the W-4 additional instructions.

Answer 2

You'll be eligible for an Earned Income Credit that will be larger than the very small amount of tax liability you'll have, so you'll get a refund in any case. No matter how many you claim, you won't owe. Six is correct by the worksheet - but you'll still get somewhere around $500 even if nothing is withheld.

Answer 3

That sounds about right. Double check the W4 worksheet to be sure

Answer 4

the extra advantageous allowances you're taking, the extra pay you keep. which you will with 2 allowances. enter a million online A and a million online B. Then, next 300 and sixty 5 days parent your taxes, say in September, out of your paystubs. once you are going to owe, you could desire to decrease you allowances to 0 or a million. Theoretically, for people who purely have one job and no diverse revenues, 2 allowances could desire to result on your breaking even.

Answer 5

Paycheckcity.com will help you with your W4 forms and pay calculateors. Check it out it's a great website.