Tax exemptions?
I am married with 1 dependent. I am claiming 5 exemptions. Is this going to ding me at the end of the year. Making 43,000 a year.
This year will make around 10,000 and husband with make around 27,000. Just started job and husband started his in may. Husband claims 0 exemptions and we have a home.
By: Jennifer G
About the Author:
This year will make around 10,000 and husband with make around 27,000. Just started job and husband started his in may. Husband claims 0 exemptions and we have a home.
By: Jennifer G
About the Author:
Published by: admin on July 4th, 2009 | Filed under Tax Exemptions
3 Responses to “Tax exemptions?”
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July 5th, 2009 at 1:27 pm
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Probably, but it depends on how much your spouse makes, how many exemptions your spouse claims, what your deductions are, etc.
July 6th, 2009 at 4:20 pm
tax exemptions
If you have multiple deductions to claim, such as in a home-based business or charity contributions, then you shouldn’t have to pay as much, or you can actually get more on your refund.
July 8th, 2009 at 5:27 am
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!. 3 exemptions but claiming 5 for withholding, and making $43K,… and assuming no itemized deductions. Yeah, you’re gonna get dinged and BAD. Not only does the IRS demand tax payment for what you owe, they also FINE you for not withholding enough.
2. $10K + $27K, married filing jointly and 1 child, your fed tax liability for 2007 is estimated to be under $1200. Probably even less if you have a home mortgage. So look at what’s been withheld so far and see how you’re doing. Claiming 0 exemptions means you’re probably getting a big refund.
Here’s a decent online calculator to see what you’ll probably owe for taxes.