Jan
I've always filed as single 0, as I was advised to do by co-workers (i was only 18). Last year, I got two new jobs and had to fill out w-4's for them, and since it had been 3 years, I just followed the steps and put down Single 1. Now everyone is telling me I made a mistake and should quickly change to Single 0. ~CONFUSED~ please help!
Answer:
You didn't make a mistake. If you claim single 0 your telling your company to withhold the maximum amount from your check each pay period.
This is a very common practice and will usually generate a refund from the IRS when you file your tax return. I am betting you receive a refund each year.
Receiving a refund may seem like a good thing, but in reality it is not. The refund is simply money you earned that the government held on to all year without paying a dime of interest.
If you claim single 1 your check will be larger each pay period. You may not receive the refund you are accustomed to but that really isn't a bad thing.
Hope this helps some.
Answer:
WHEN U START A NEW JOB OR EXISTING JOB….U DO NOT CLAIM NO ONE…SO AT THE END OF THE YEAR..U DON'T HAVE TO PAY TAXES…AND MAYBE U MIGHT GET SOME BACK…GARY
Answer:
Single 0 — your employer withholds taxes at a higher rate. You get less per paycheck, but get a bigger refund.
Single 1 — your employer withholds less than single 0 from your paycheck for taxes. You get more money per paycheck, but a lower refund.
It all depends on whether you want your money as you go, or if you prefer to let the government have your money, then give it back to you in a refund. Your call.
Answer:
When you file out the W4 it is asking how many exemptions you have. If you are going to claim yourself only at the end of the year you have one exemption. You get one exemption for you, your spouse and anyone who will be claimed as a dependent on your tax return..
If you put 0 on your W4 they will take out more taxes because they think you will not have any exemptions at the end of the year and hence owe more taxes then someone who has exemptions. At the end of the year when you claim yourself, if you can and do, you will get the extra money they took out.
Some people like to claim 0 because the little bit more they get each week doesn't help, and they like getting it in one lump sum at the end of the year.
If you claim one and you claim yourself at the end of the year you probably won't get a return.
If you claim one and you don't claim yourself at the end of the year you may owe money.
If you claim 0 and claim yourself at the end of the year you wil probably get a refund.
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