0
YOU CAN BLOW UP A BALLON AND GET A HORSE AND LET THE HORSE RUN I DID THAT IN 4TH GRADE
I agree with the above too...you can do anything.
And, there are well established ways that it will be dealt with.
And what do you think it would it prove or do, other than drawing attention to yourself?
The W-4 is how the amount to withhold from those earnings is determined. If it is inaccurate, your withholding, yourESTIMATED tax will be very wrong. If you make money elsewhere that isn't part of the W-4 consideration that would also happen. In either case the tax you owe is determined by your eventual return filing. If the tax you prepaid is too far under what you should have paid in (by withholding AND estimated payments on the other earnings), not only will you pay the additional, you'll pay penalties and interest too.
These are very basic concepts...and I don't want to sound mean...but my regular experience with people who haven't complied with them...generally because they don't understand or thought they were smarter and getting away with something is....they actually lose a benefit they had coming or make problems they didn't have to, and almost always cost themselves much more in the end. Sometimes, substantially.
Really, people who really don't understand even the most basic parts of the system, shouldn't even dare trying to think they could outsmart it - especially by doing things that anyone could do easily.... Do you really think that something like that hasn't been thought of and tried a zillion times before...and the system wouldn't be set to not only catch you, but penalize you for doing so?
What else can I help you with?
What allowance should you enter on your w-4?
When filling out your W-4 form, the number of allowances you claim depends on your personal situation, including your marital status, number of dependents, and whether you have other income or deductions. Generally, the more allowances you claim, the less tax will be withheld from your paycheck, while claiming fewer allowances will result in more tax being withheld. It's important to use the IRS guidelines or the W-4 worksheet to determine the correct number of allowances for your specific circumstances to avoid owing taxes or receiving a large refund at year-end.
If you claim 1 on your taxes does that mean just yourself or one other person?
That depends on which form you are claiming it on. If you are talking about Form 1040, that means just yourself. If you are not eligible to claim yourself, then you are not eligible to claim anyone else either. If you are talking about Form W-4 (the withholding form that you give to your employer), stop and read the form more carefully. It does NOT ask you to fill in the number of people (dependents) you are claiming. It asks you to fill in the number of withholding allowances you are claiming. Most people have way too much tax taken out of their paychecks because they mistakenly believe that the number of withholding allowances they claim on their W-4 should be the same as the number of exemptions they claim on their 1040. Most people should claim MORE withholding allowances. To calculate the number of withholding allowances you should claim, either use the worksheet in the Form W-4 instructions or use the IRS withholding calculator here: http://www.irs.gov/individuals/article/0,,id=96196,00.html
When filling out a w-2 what is the difference between declaring 2 or 3 dependents?
I think you mean a W-4, not a W-2. For reference, here is a copy of Form W-4 to look at as you read this answer: http://www.irs.gov/pub/irs-pdf/fw4.pdf The first thing you must realize is that Form W-4 does NOT ask you to declare dependents. Look at line 5. It says "Total number of allowances you are claiming." Note the word "allowances." Allowances are different than dependents. The only place it asks you to enter the number of dependents is on line D of the "Personal Allowances Worksheet" which is used to calculate the number of allowances you should claim, but is not given to your employer. You should truthfully use the number of dependents that you will actually claim on Line D. When you fill out the part of Form W-4 that you will give to your employer, you fill in the number of allowances you are claiming on line 5. Unless you have a lot of income from some source other than your job, this should be larger than the number of dependents you have. The larger the number of allowances, the less tax will be taken out of your paycheck. If you choose three allowances instead of two, you will get a larger paycheck every week, but you will get a smaller refund at the end of the year. In other words, you won't have to wait a whole year to get your money and you won't have to pay for a rapid refund loan or e-filing to get your money faster. If you want to see exactly how much money will get taken out of your check for taxes based on different numbers of allowances, use this calculator: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp
Why do you fill out a w-4?
Why: IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS) of the United States. They are used to report income and calculate taxes to be paid to the federal government of the United States.How: First, provide your name, address, and Social Security Number.Second, check the box for married or single, depending on your marital status.Third, calculate how many withholding allowances to claim. For most people, this is the same as the number of personal exemptions they claim on their tax return (see Line 6d on your 1040A or 1040).Fourth, if you have more than one job, if your spouse works, or if you itemize your deductions, use the worksheet on Form W-4 page 2. Use this worksheet to calculate the number of allowances to claim instead of relying on your personal exemptions.Fifth, you can also use the IRS Withholding Calculator to calculate your withholding allowances more exactly.Sixth, if you have more than one job, make sure you claim zero allowances at your second job. Claiming "exempt" is NOT the same as claiming zero. By claiming zero, the highest amount of tax will be withheld.Seventh, if you claim more than 9 allowances, your employer may be required to send your W-4 to the IRS for review. Don't be alarmed. People with incomes over $100,000 and with substantial itemized deductions may need to claim over nine allowances.Eigth, you are exempt from income tax withholding only if your income for the year will be less than $800. If you are exempt, skip lines 5 and 6, and write "EXEMPT" on line 7. Ninth, print, sign, and date the form.Finally, give the W-4 to your employer. They will fill out lines 8, 9, and 10.
What are exemptions or allowances and how do they work?
Exemptions and allowances are provisions in tax law that reduce an individual's taxable income, thereby lowering their tax liability. Exemptions typically apply to specific categories of individuals, such as dependents or certain qualifying conditions, while allowances often refer to deductions based on personal circumstances, like marital status or number of dependents. By claiming these exemptions and allowances, taxpayers can effectively decrease their taxable income, resulting in a reduced amount owed to the government. They must be reported accurately on tax returns to ensure compliance with tax regulations.
What allowance should you enter on your w-4?
When filling out your W-4 form, the number of allowances you claim depends on your personal situation, including your marital status, number of dependents, and whether you have other income or deductions. Generally, the more allowances you claim, the less tax will be withheld from your paycheck, while claiming fewer allowances will result in more tax being withheld. It's important to use the IRS guidelines or the W-4 worksheet to determine the correct number of allowances for your specific circumstances to avoid owing taxes or receiving a large refund at year-end.
What does the total number of allowances mean on the w 4 form?
It means the number u end up with in line H of the Personal Allowances Worksheet right above the form. It even says so right on the form. First u have to fill out the worksheet, and then u will know what number to put on line 5 of the W 4 form.
What allowances should I claim on my taxes, 1 or 2?
The number of allowances you should claim on your taxes depends on your personal financial situation. Claiming 1 allowance means more taxes will be withheld from your paycheck, while claiming 2 allowances means less taxes will be withheld. It's important to consider factors like dependents, income, and deductions when deciding how many allowances to claim.
Where do you claim 1 on your W4 form?
You claim 1 on your W-4 form in the box labeled "Total number of allowances you are claiming."
If you claim 1 on your taxes does that mean just yourself or one other person?
That depends on which form you are claiming it on. If you are talking about Form 1040, that means just yourself. If you are not eligible to claim yourself, then you are not eligible to claim anyone else either. If you are talking about Form W-4 (the withholding form that you give to your employer), stop and read the form more carefully. It does NOT ask you to fill in the number of people (dependents) you are claiming. It asks you to fill in the number of withholding allowances you are claiming. Most people have way too much tax taken out of their paychecks because they mistakenly believe that the number of withholding allowances they claim on their W-4 should be the same as the number of exemptions they claim on their 1040. Most people should claim MORE withholding allowances. To calculate the number of withholding allowances you should claim, either use the worksheet in the Form W-4 instructions or use the IRS withholding calculator here: http://www.irs.gov/individuals/article/0,,id=96196,00.html
When filling out a w-2 what is the difference between declaring 2 or 3 dependents?
I think you mean a W-4, not a W-2. For reference, here is a copy of Form W-4 to look at as you read this answer: http://www.irs.gov/pub/irs-pdf/fw4.pdf The first thing you must realize is that Form W-4 does NOT ask you to declare dependents. Look at line 5. It says "Total number of allowances you are claiming." Note the word "allowances." Allowances are different than dependents. The only place it asks you to enter the number of dependents is on line D of the "Personal Allowances Worksheet" which is used to calculate the number of allowances you should claim, but is not given to your employer. You should truthfully use the number of dependents that you will actually claim on Line D. When you fill out the part of Form W-4 that you will give to your employer, you fill in the number of allowances you are claiming on line 5. Unless you have a lot of income from some source other than your job, this should be larger than the number of dependents you have. The larger the number of allowances, the less tax will be taken out of your paycheck. If you choose three allowances instead of two, you will get a larger paycheck every week, but you will get a smaller refund at the end of the year. In other words, you won't have to wait a whole year to get your money and you won't have to pay for a rapid refund loan or e-filing to get your money faster. If you want to see exactly how much money will get taken out of your check for taxes based on different numbers of allowances, use this calculator: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp
How to fill out the California W4 form correctly?
To fill out the California W-4 form correctly, provide your personal information, including your name, address, and Social Security number. Indicate your filing status and any allowances you are claiming. If you have multiple jobs or a working spouse, follow the instructions for the Two-Earners/Multiple Jobs Worksheet. Review and sign the form before submitting it to your employer.
How do I fill out a W4 for the year 2023?
To fill out a W-4 for the year 2023, you will need to provide your personal information, such as your name, address, and Social Security number. You will also need to indicate your filing status and any allowances you are claiming. Additionally, you may need to complete the worksheet on the form to determine the correct amount of withholding. Make sure to review and sign the form before submitting it to your employer.
Where do you put dependents on your W-4 form?
You can put dependents on your W-4 form in the section labeled "Total number of allowances you're claiming." This helps determine how much tax will be withheld from your paycheck.
What number of allowances should I claim on my taxes?
The number of allowances you should claim on your taxes depends on your personal situation. Generally, the more allowances you claim, the less tax will be withheld from your paycheck. It's important to consider factors like your income, marital status, and dependents when deciding how many allowances to claim. You can use the IRS withholding calculator to help determine the right number of allowances for your situation.
Why do you fill out a w-4?
Why: IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS) of the United States. They are used to report income and calculate taxes to be paid to the federal government of the United States.How: First, provide your name, address, and Social Security Number.Second, check the box for married or single, depending on your marital status.Third, calculate how many withholding allowances to claim. For most people, this is the same as the number of personal exemptions they claim on their tax return (see Line 6d on your 1040A or 1040).Fourth, if you have more than one job, if your spouse works, or if you itemize your deductions, use the worksheet on Form W-4 page 2. Use this worksheet to calculate the number of allowances to claim instead of relying on your personal exemptions.Fifth, you can also use the IRS Withholding Calculator to calculate your withholding allowances more exactly.Sixth, if you have more than one job, make sure you claim zero allowances at your second job. Claiming "exempt" is NOT the same as claiming zero. By claiming zero, the highest amount of tax will be withheld.Seventh, if you claim more than 9 allowances, your employer may be required to send your W-4 to the IRS for review. Don't be alarmed. People with incomes over $100,000 and with substantial itemized deductions may need to claim over nine allowances.Eigth, you are exempt from income tax withholding only if your income for the year will be less than $800. If you are exempt, skip lines 5 and 6, and write "EXEMPT" on line 7. Ninth, print, sign, and date the form.Finally, give the W-4 to your employer. They will fill out lines 8, 9, and 10.
How do I properly fill out a W4 form when claiming 3 dependents?
To properly fill out a W-4 form when claiming 3 dependents, you should follow the instructions on the form and provide accurate information about yourself and your dependents. Make sure to enter the correct number of allowances based on your situation to ensure the right amount of tax is withheld from your paycheck.
