2007-12-30 08:14:07 · 5 answers · asked by lulu 1 in Business & Finance ➔ Taxes ➔ United States
No. They will take out more. If you have more exemptions, a higher number, they take out less, assuming you need the money for those dependents. Those same dependants you claimed will also then be claimed on your tax forms, making you not owe.
2007-12-30 08:32:02 · answer #1 · answered by Sheila 6 · 0⤊ 0⤋
No, you will get LESS. Claiming Single and 0 will result in the highest possible withholdings from your pay so your checks will be smaller. That's just giving the government an interest free loan for most taxpayers.
If your only income is your wages subject to withholding, claiming Single and 1 or even Single and 2 would be more appropriate. You'll get a smaller redund at tax time but will have more money in each payckeck every payday where it will normally do you the most good.
The best strategy is to actually OWE a bit at tax time. That way you have not lent the government a dime that they're not entitled to and as long as your tax bill is less than $1,000 at filing time there won't be any penalties.
Claiming Single and 2 will get most taxpayers within $100 of even money at filing time. You might get a small refund of less than $100 or have a small bill of less than $100 but either way is manageable for most folks.
If you're claiming 0 right now, kick that up to 2 and put the extra $$$ in a savings account. Do that every payday and you'll never have to worry about filing delays, refund anticipation loan ripoffs, late W-2s from employers, etc. You'll have mad money for Christmas shopping without taking out ripoff payday loans and even if you do have a small tax bill to pay when you file, the money will be right there in the bank for you to pay the bill!
2007-12-30 08:30:32 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The higher the number of allowances you put on your W-4, the less they'll take out. Be sure you don't put down more than you are entitled to - you could end up owing when you file your tax return, and also might have to pay penalties to the IRS.
2007-12-30 08:22:53 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
It's the other way around. The more allowances you claim on the W-4, the larer your paychecks. But remember, you run the risk of owing (maybe a lot) at the end of the year if you overdo it.
2007-12-30 08:23:58 · answer #4 · answered by RANDALL M 3 · 2⤊ 0⤋
single 2 will pull less withholding than single 0.
If you want less withholding (more money now), put single 2.
2007-12-30 08:17:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋