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I am married, have one child, head of household, etc etc and am able to claim 7 on my w-4 legitimately. My taxable yearly income is under 50k a year. That calculator says it will not take any federal taxes from my paycheck, which is why i am wondering if I will have to pay it back later.
I am married, have one child, head of household, etc etc and am able to claim 7 on my w-4 legitimately. My taxable yearly income is under 50k a year. That calculator says it will not take any federal taxes from
my paycheck, which is why i am wondering if I will have to pay it back later.
The calculator may be only a guesstimate. Look at your federal and state tax returns from 2011. Chances are the tax liability for 2012 will be more or less the same. If you owe taxes for 2012, yes, you will have to pay what you owe when you file your return.
Great question! Wish I could help you, but I think you know more about this stuff than I do. I don't mean to hijack this thread, but as a single person living alone with no dependents, am I supposed to claim "1" for myself on my W-4 form? I ask because this is what I've always done and always end up owing some money. I don't wanna cheat the system, but is there another way to do it?
W-4 is a guideline to help you ballpark your taxes so you don't owe or get a big refund. IT's not official or a declaration in any way.
If you owe money all the time, it would be perfectly legit to raise your exemptions to 2 so you aren't liable for interest and penalties.
Actually, if you owe money, you should lower your allowances (not exemptions - people use the wrong term all the time, and these terms are different) and/or specify an additional withholding amount in order to have more tax withheld.
I claimed 10 November and December due to lots of over time at work and didn't change it back to 3 in time and now it shows 10 on my w2 how bad is it gonna be for me
I put down 20 each for Federal and State. (married with four kids, one
income, big mortgage, big property taxes) My goal is to owe as much money as
possible on April 15th without paying a penalty.
If you owe more than $1,000 you will need to make estimated payments or you will get penalties.
Putting 20 exemptions down seems like a god awful idea.
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