2007-11-27 04:01:30 · 5 answers · asked by Nick w 1 in Business & Finance ➔ Taxes ➔ United States
You can claim single/one allowance on your W-4, or if you only have one job you can even claim single/2 allowances. But be aware that if you claim 2, you might owe a little at tax time.
If you have significant adjustments to income, like student loan interest, or if you have enough allowable deductions to itemize, you might be able to claim even more on your W-4.
2007-11-27 05:31:16 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
it all depends on how many you are claiming. if you claim more, they take less taxes, and vice versa. The problem that you'll run into is that being single and with no kids, you aare gonna be in the highest tax percentile. So, if you claaim to much, you'll end up owing on your return. Talk to your HR manager and they should be able to help you out,
2007-11-27 04:21:25 · answer #2 · answered by cameron_m_johnson 4 · 0⤊ 0⤋
Be aware that you will pay a penalty to the IRS if you don't have sufficient taxes withheld and owe too much in taxes. What you really should do is simply figure out how much you really think you will owe in taxes and then take out as many exemptions as you need so you aren't withholding too much or too little taxes. Unless you have a lot of itemized deductions, I would recommend you do nothing, otherwise it will wind up costing you penalties in the long run.
2007-11-27 04:21:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can only claim 1 dependent on your w-4 form.
2007-11-27 04:20:28 · answer #4 · answered by jamsterette@sbcglobal.net 4 · 0⤊ 0⤋
well if u claim 0 u can claim 1 that's about all u can do
2007-11-27 04:20:09 · answer #5 · answered by et 2 · 0⤊ 0⤋