0
If you claim 0 - you will be taxed the most. If you claim 1 (which is yourself) you will presumably be taxed the right amount and break even when tax time arrives. However, claiming exempt means that you are exempt from paying taxes and that would require you to be WELL below the poverty line, making little to no money at all. You would have to figure out what the amount of income is that allows one to be exempt, I don't know the figure. Many people suggest claiming 0 to be on the safe side and just get the money back from the government when you file taxes. Others say, claim 1 and don't allow the government to have a tax-free loan with your money! I would claim 1, see how much is withheld and look at a tax table to see what the amount of money is that should be withheld and determine if claiming 1 will get you there. If it won't, then you'll wind up owing and you don't want that, so then change it to 0 and you should be fine. As for exempt there are very few people who qualify for tax exempt status. Chances are, you're not one of them.
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∙ 15y ago
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Can you claim exempt on one paycheck a year?
I know people who have been doing it on 3 a year. They think that's the correct number. I just went exempt on the check that's coming up because my bonus is on it... WOOT
How much taxes would be owed on four thousand two hundred dollars?
We don't know. We can't know, because the calculation is a lot more complicated than it appears. It depends on where the $4200 came from (capital gains? wages? interest?), whether or not you're married, how many dependents you have (and whether or not you can claim yourself as a dependent), whether the amount is gross, AGI, or taxable income, and lots of other things..
Can pennfoster withhold your income tax return?
Yes.. They are a for profit school so no you cannot claim it on your taxes. Sucks i know my husband is going there
Can you claim a sister on your taxes if your parents do not work?
yes, if that sister has resided with you 6-12 months of the previous year and you have taken care of that sister,I know this because my 11 year old brother resides with me and I file him on my taxes
Do you agree to the exemption of priest in payment taxes?
In the United States, the only tax exemption that I know of for priests is the parsonage allowance and, in the case of a few religious organizations, the FICA tax. The church for which the priest works may be exempt from tax, but other than the above, the priest still pays taxes just like anyone else.
Are teenagers exempt from paying certain taxes?
None that I know of.
Can you claim childcare on taxes as single parent?
Yes you can claim childcare. As far as I know there is no set amount you can deduct.
Are widows who reside in Oklahoma tax exempt?
No. Not on federal taxes. Marital status nor age will exempt anyone from filing requirements for federal tax returns. I don't know about your state return.
Can you claim exempt on one paycheck a year?
I know people who have been doing it on 3 a year. They think that's the correct number. I just went exempt on the check that's coming up because my bonus is on it... WOOT
How do I get an extension on the deadline for filing my taxes?
The IRS website (irs.gov) can offer helpful information regarding all aspects of filing your taxes. Whether you need to know about filing status, who you can claim, or what income has to be claimed, you can find information on their site. http://www.irs.gov/taxtopics/tc304.html specifically deals with applying for an extension.
How much taxes would be owed on two hundred thousand dollars?
We don't know. We can't know, because the calculation is a lot more complicated than it appears. It depends on where the $4200 came from (capital gains? wages? interest?), whether or not you're married, how many dependents you have (and whether or not you can claim yourself as a dependent), whether the amount is gross, AGI, or taxable income, and lots of other things..
How much taxes would be owed on four thousand two hundred dollars?
We don't know. We can't know, because the calculation is a lot more complicated than it appears. It depends on where the $4200 came from (capital gains? wages? interest?), whether or not you're married, how many dependents you have (and whether or not you can claim yourself as a dependent), whether the amount is gross, AGI, or taxable income, and lots of other things..
Can you claim gas expenses on your taxes?
It depends weather you are using your vehicle for business, if so yes you can also claim new tires, repairs, and you use to be able to claim your tags/insurance... Don't know if they except that anymore though.
Can pennfoster withhold your income tax return?
Yes.. They are a for profit school so no you cannot claim it on your taxes. Sucks i know my husband is going there
How do you know if your teen is “exempt”?
If they do not want to do anything
Can you claim a sister on your taxes if your parents do not work?
yes, if that sister has resided with you 6-12 months of the previous year and you have taken care of that sister,I know this because my 11 year old brother resides with me and I file him on my taxes
How can Mexicans get so much money back on taxes?
How do you know how much money Mexicans get back on taxes? Is the question refer to Illegal Mexican workers? If so they are allowed to claim the additional child tax credit for each child.
