A Simple tax question

[mzkhadir]

Right now, I claim 0 for my allowances. If I claim 2, for me and my wife starting new year. Would I have to pay taxes at the end of the year or would I be just getting less back ?

 

[Gilligansdingy]

All depends about having to pay in or not, but you will definately get a smaller refund back.

 

[alm99]

Does she work? If you both claim two you will most likely not have enough taxes deducted, but if one of you clam zero and the other claims two you should be ok

 

[IHateMyJob2004]

Originally posted by: mzkhadir
Right now, I claim 0 for my allowances. If I claim 2, for me and my wife starting new year. Would I have to pay taxes at the end of the year or would I be just getting less back ?

The more depdants you claim, the less that should come outof your paycheck. You'll stil lget some back at the end of the year as you will owe less.

EDIT: I think

 

[Gilligansdingy]

Not really true. I did taxes for a while and many times did I see some fool come in claiming 8 dependents but he was single guy pulling in like $70k a year. Yeah he wasnt a happy camper.

 

[iamwiz82]

Originally posted by: alm99
Does she work? If you both claim two you will most likely not have enough taxes deducted, but if one of you clam zero and the other claims two you should be ok

That depends on a lot more things than what he told. We cannot be sure what he could deduct without any details.

 

[FoBoT]

the number of dependents you claim on your W-4 have nothing to do with the amount of tax you pay

 

[Nocturnal]

Originally posted by: FoBoT
the number of dependents you claim on your W-4 have nothing to do with the amount of tax you pay

Really?

 

[kranky]

Originally posted by: FoBoT
the number of dependents you claim on your W-4 have nothing to do with the amount of tax you pay

That's what it comes down to.

The number of dependents you claim on the W-4 determines how much is withheld from your pay.

Your tax is determined by your taxable income, which might START with your gross wages, but there are tons of other things that could factor in.

If I claim zero dependents I could STILL owe tax at the end of the year, depending on the other things. If I claim 10, same thing.

 

[mugs]

Originally posted by: Gilligansdingy
Not really true. I did taxes for a while and many times did I see some fool come in claiming 8 dependents but he was single guy pulling in like $70k a year. Yeah he wasnt a happy camper.

Did you ask him why he did that?