My son is starting work in the beginning of December. I will claim him on my taxes this year as a dependent. When he fills out the W-4 form for work should he put one or zero? The directions don't say anything about putting zero, but just putting one if no one else can claim you as a dependent. Are allowances the same thing as exemptions or dependents on tax returns? Thanks!
2007-12-02 12:58:21 · 4 answers · asked by Joyce 2 in Business & Finance ➔ Taxes ➔ United States
yes allowances it the same as exemptions or dependants. Your son can claim single with zero dependants on his w -4 form. What that means is that his employer will take the maximum amount of taxes out of his gross earnings for the pay period. When he files his income tax the following year he will file single, one then he will get a tax refund. Basically what you are doing is putting your money into a non-bearring interest account for a year.
2007-12-02 13:11:14 · answer #1 · answered by witchypoo 4 · 0⤊ 0⤋
1. On his W4, your son can put 1 or 0. (B -1).
2. Your son will file as Single Dependent. Still for the earned income (wages), he will get standard deduction of $5,350. He won't get exemption deduction of $3,400. So for his 2007 return, whatever federal tax is withheld (for wages up to $5,350), he will get back.
3. Allowances on W4 are different from exemptions on the tax return. Your son will have 0 exemption on the tax return.
2007-12-03 02:37:15 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
He could claim zero. He should file his 2007 taxes without claiming himself so he can get most if not all of his tax withholdings back including state taxes.
2007-12-03 13:23:01 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
Yes he should put zero since you can still claim him.
2007-12-02 23:09:23 · answer #4 · answered by Judy 7 · 2⤊ 0⤋