Q:
Should I claim 0 or 1 dependents on my W-4 tax withholding form?
A:
Quick Answer
What should be claimed on a W-4 withholding form depends on the taxpayer's overall tax situation. Claiming one exemption or dependent results in a little less tax withholding than claiming zero. The IRS provides a W-4 calculator on its official website to assist taxpayers in making this decision.
Continue ReadingFull Answer
Factors that have to be considered for tax withholding include marital status, number of jobs held, penalties or credits, and other income that may not have withholding, such as rent or interest. A single taxpayer with no dependents who has only one job could use either zero or one on the W-4 and the withholding would be reasonably close to the annual liability, the IRS calculator shows. Claiming zero is more likely to result in a refund.
Learn more about Income TaxRelated Questions
-
Q:
Who qualifies as a dependent on your tax return?
A: Taxpayers who take care of or support other people can claim those individuals as dependents on their tax returns under certain conditions, explains the In... Full Answer >Filed Under: -
Q:
How many dependents can I claim on my tax return?
A: Taxpayers can claim an unlimited number of dependents on their tax returns as long as the dependents meet certain qualifications. Dependents must be citize... Full Answer >Filed Under: -
Q:
What are some common tax return questions?
A: Common tax return questions involve who to claim as dependents and eligibility for child and dependent care deductions, says ABCNews.com. Determining the v... Full Answer >Filed Under: -
Q:
Can anyone file 1040EZ printable tax forms?
A: A person can only file the 1040EZ form if they are single or married filing jointly, make less than $100,000 a year, have no dependents, and are younger th... Full Answer >Filed Under:
You May Also Like
-
Q:
How do you request a tax return transcript?
-
Q:
Where can you find downloadable Maine state tax forms?
-
Q:
How useful are the federal forms 1040 when printed out at home?
-
Q:
What is the tax rate on lottery winnings?
-
Q:
Where can you find downloadable versions of county sales tax charts?
-
Q:
What is a federal tax rate schedule?
