The lower the number claimed, the more taxes are withheld. They will take out more if you claim 3 then if you claim 4.
It depends on your total earnings during any pay period. It also depends on the number of exemptions you claimed on your W4 form each year. Your employer should have had you fill out the form when you first became an employee and should be asking you to fill out a W4 form each year of your employment. The more deductions and /or dependents you claim will affect your withholding tax.
how many dependents do i claim filing as head of household
No, not really. If you change the status on your W4 from Single to Married, less will be withheld from your paychecks for federal income taxes. There is no requirement that you make that change.
If you claim one (1) dependent (yourself) on your W4 form you will get more money in your paycheck, and less will be withheld as part of tax withholding. Some people end up having to pay money to the Government at tax time because not enough was withheld during the year. Those people sometimes choose to claim zero (0) dependents on their W4 so that more money will be withheld during the year and they will have less to pay at tax time.
The W$ form is your request for the withholding of taxes from pay. The W2 is a statement of wages paid and taxes withheld.
if you claim zero on your w4, they will take the most taxes out of you. If you have dependents and you add them on when you do your income taxes, you will get that money back. even if it is just you, you should claim zero instead of one, then at income tax time you will not have to pay in, you should get back what you overpaid instead. The more dependents you put on your w4, the less taxes they will take out of your check, but at income tax time, if they did not take out enough you will have to pay in. And like me, if you like a big, big check all at once you want to claim zero, its like a way of saving money, and you get the money back at income tax time to do something big with.
There are two reasons you may have no federal taxes taken is if you claim exempt on your W4 or if you claim a higher amount of dependents.
It depends on your total earnings during any pay period. It also depends on the number of exemptions you claimed on your W4 form each year. Your employer should have had you fill out the form when you first became an employee and should be asking you to fill out a W4 form each year of your employment. The more deductions and /or dependents you claim will affect your withholding tax.
It used to be that if you claimed more than 10 your employer had to forward copies of your W4 in to the IRS for their review. This ruling was changed recently. So the answer is that you can claim as many dependents on your W4 as you want, BUT the IRS has the right to question the number you claim. They can do this if you end up with no taxes being withheld or if they believe you have supplied innaccurate information on the W4 form. You may have to write to them and justify why you are claiming 16 dependents for example. If the IRS doesn't like your answer they can direct your company to take withholding taxes out for 9 dependents (or whatever they think is right). The employer has a limited amount of time (45 days I believe) to comply with this directive.
how many dependents do i claim filing as head of household
No, not really. If you change the status on your W4 from Single to Married, less will be withheld from your paychecks for federal income taxes. There is no requirement that you make that change.
If you claim one (1) dependent (yourself) on your W4 form you will get more money in your paycheck, and less will be withheld as part of tax withholding. Some people end up having to pay money to the Government at tax time because not enough was withheld during the year. Those people sometimes choose to claim zero (0) dependents on their W4 so that more money will be withheld during the year and they will have less to pay at tax time.
The W$ form is your request for the withholding of taxes from pay. The W2 is a statement of wages paid and taxes withheld.
Claiming zero allowances on your w4 means that the Government will take the maximum amount of taxes possible from your check each paycheck. This ensures that you will get a refund at tax time but it means that the government is holding on to some of your money all year until tax time rolls around. Only do this if you owe money to the IRS and want them to hold on to more money as a no-hassle way of making small payments to the IRS each paycheck.
Claiming zero allowances on your w4 means that the Government will take the maximum amount of taxes possible from your check each paycheck. This ensures that you will get a refund at tax time but it means that the government is holding on to some of your money all year until tax time rolls around. Only do this if you owe money to the IRS and want them to hold on to more money as a no-hassle way of making small payments to the IRS each paycheck.
Claiming zero allowances on your w4 means that the Government will take the maximum amount of taxes possible from your check each paycheck. This ensures that you will get a refund at tax time but it means that the government is holding on to some of your money all year until tax time rolls around. Only do this if you owe money to the IRS and want them to hold on to more money as a no-hassle way of making small payments to the IRS each paycheck.
Yes. Age doesn't have anything to do with paying taxes. The fact you are working and have a W4 means you have to file and include what you earn from Social Security.