Can someone school me quick Please

Smootchy

For taxes. How do numbers/exemption thing work? 

If you claim 0 or 1 it's more money they take outta your check or less money??

TIA

(hubs got a new job last year & I think he set it up wrong... Boo!)

 

nanabanana06

I am pretty sure it's 0 that takes the most money out. However, you get it all back on your tax return (usually).

Smootchy

Mom2Oli:

less exemptions = more taken out of your paycheck = sometimes more you get back at the end of the yr

So 0 = most taken out/ more likely to get some back

4 = less taken out, less to get back/may owe money  

??? 

daisygirl2010

chapski:

Mom2Oli:

less exemptions = more taken out of your paycheck = sometimes more you get back at the end of the yr

So 0 = most taken out/ more likely to get some back

4 = less taken out, less to get back/may owe money  

??? 

 

YES

Smootchy

daisygirl2010:

chapski:

Mom2Oli:

less exemptions = more taken out of your paycheck = sometimes more you get back at the end of the yr

So 0 = most taken out/ more likely to get some back

4 = less taken out, less to get back/may owe money  

??? 

 

YES

Crap!

This is not the answer I wanted! Lol

I pay taxes quarterly because I get paid cash/family company so I alway owe..., totally banking/hoping for hubs to get a nice check back. When I saw his w-2 they literally took like no money out and now in telling him he's an idiot...,  

emiliemadison

Nana_Osaki06:

I am pretty sure it's 0 that takes the most money out. However, you get it all back on your tax return (usually).

Whoa, now. That's a bit of a blanket statement. That's not true for a whole lot of people (certainly not "usually"). 

daisygirl2010

emiliemadison:

Nana_Osaki06:

I am pretty sure it's 0 that takes the most money out. However, you get it all back on your tax return (usually).

Whoa, now. That's a bit of a blanket statement. That's not true for a whole lot of people (certainly not "usually"). 

 Agreed!! We had a year where we both claimed 0 and we still owed.   So claiming zero certainly doesn't guarantee money back.

But you'll owe less if you were withholding at zero than if you withheld at 1 (or 2, 3, etc)

 

daisygirl2010

chapski:

daisygirl2010:

chapski:

Mom2Oli:

less exemptions = more taken out of your paycheck = sometimes more you get back at the end of the yr

So 0 = most taken out/ more likely to get some back

4 = less taken out, less to get back/may owe money  

??? 

 

YES

Crap!

This is not the answer I wanted! Lol

I pay taxes quarterly because I get paid cash/family company so I alway owe..., totally banking/hoping for hubs to get a nice check back. When I saw his w-2 they literally took like no money out and now in telling him he's an idiot...,  

 

BUMMER!!  Sorry I couldn't be the bearer of good news.  Damn taxes.  

iristony

Ever since the year we owed a ton of money, we both claim 0 and get a nice sum back.  We are not savers- so this works best for us.  Would rather get money back than owe an unezpected 3000 we did not have set aside.