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I am married with 1 child and fit the requirements to claim 7 on my W-2 form in California. When tax time comes around, considering the allowances, etc. that you can get and everything.... will I have to pay money back if they don't take out federal taxes from my paychecks?
I don't understand the question, but when you file your taxes, you determine what tax liability must be paid. If that amount has not yet been deducted from your paycheck, you will have to pay the difference.
Are you saying that you told your employer to deduct as if you were going to have 7 eligible deductions, but when you file your tax return you will only have three?
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.
I am married with 1 child and fit the requirements to claim 7 on my W-2 form in California. When tax time comes around, considering the allowances, etc. that you can get and everything.... will I have to pay money back if they don't take out federal taxes from my paychecks?
Thanks
If you are claim "exempt", they will not take out federal taxes from your pay check.. You will have to pay at the end of the year.
If you are claim 7 allowances, then they are taking out federal taxes from your pay check. It be could over or under your final tax bill.
When I used a calculator, it says federal taxes: 0 from each pay period. So I'm wondering then if I would have to pay back?
its very easy to get hit with penaltys playing that game.
no penalty will be applied if your current year tax withholding equals or exceeds the tax shown on your prior year tax return ,110 percent of the prior year tax if your prior year gross income exceeded $150,000 or exceeds 90 percent of your estimated tax for the current year.
When I used a calculator, it says federal taxes: 0 from each pay period. So I'm wondering then if I would have to pay back?
Are you talking about a hand-held calculator or the IRS withholding calculator? I would use the latter asap if I were you. Figure out from there what you really need to put in that form. If you screw up your W-4 and take way more exemptions than you're qualified for, then of course it will catch up to you at tax time and you'd have to pay it back.
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