How do I determine the number of tax exemptions I am supposed to claim on my W-4?
How do I determine the number of tax exemptions I am supposed to claim on my W-4?
I am married with no children.
By: Sheila G
About the Author:
I am married with no children.
By: Sheila G
About the Author:
Published by: admin on April 12th, 2008 | Filed under Tax Exemptions
5 Responses to “How do I determine the number of tax exemptions I am supposed to claim on my W-4?”
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April 15th, 2008 at 9:39 am
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Read the instructions on the W-4 is one way. If you don’t have one you can view one at the following link:
April 17th, 2008 at 5:01 am
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you claim one deduction per dependent
April 19th, 2008 at 6:30 am
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The instructions on the W-4 are a guide. You would be single filing one if you’re parents claim you as a dependent, single filing 2 if you live on your own.
However, you can use the allowances claimed as a way to change the size of your refund/tax payment at tax time. If you like to get a refund at the end of the year and you had similar circumstances last year with the same filing status, follow the instructions. If you’d rather have the money in your paycheck and pay a large amount at tax time, increase the number of allowances.
April 22nd, 2008 at 5:28 pm
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What you need to do is seek the council of a CPA or tax expert. Ideally, what you want to do is claim enough dependents based on your anticipated deductions so that at the end of the taxable year your tax liability will be a wash, where you neither owe taxes nor do you receive a refund.
April 22nd, 2008 at 9:23 pm
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First, you claim withholding alowences, not exemptions on the W-4. The best way to determine how many allowances to claim is to fill out a tax return to determine you tax liability. Divide that amount by the number of times you are paid each year. Then use the IRS withholding tables to find the number that most closely matches. The seond best is to use the withholding calculator on the IRS website.