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SVTPerformance's Chain of Restaurants
Road Side Pub
Tax claim question
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<blockquote data-quote="cidsamuth" data-source="post: 16257928" data-attributes="member: 110091"><p>When you "claim" dependents, that normally refers to the actual tax returns. I assume you are talking about how many dependents you use on your W4 for tax withholding each paycheck.</p><p></p><p>Based on what you wrote, when you guys file jointly at the end of the year, you MIGHT end up owing since you have essentially had withholding done as if you have 4 dependents while you will have only 2 dependents on your tax return. </p><p></p><p>But, it might not matter depending on how many other deductions and/or credits you have. Each person is different.</p><p></p><p>I actually have withholding done as if I have more dependents also . . . because I have done pretax calculating to determine my approximate tax obligation for the year based on my income and deductions. </p><p></p><p>The goal should be to get a very, very small return. You don't want to owe and possibly be hit with penalties and interest. But, people who brag about big tax returns are stupid; they are essentially giving the Government interest free money all year.</p></blockquote><p></p>
[QUOTE="cidsamuth, post: 16257928, member: 110091"] When you "claim" dependents, that normally refers to the actual tax returns. I assume you are talking about how many dependents you use on your W4 for tax withholding each paycheck. Based on what you wrote, when you guys file jointly at the end of the year, you MIGHT end up owing since you have essentially had withholding done as if you have 4 dependents while you will have only 2 dependents on your tax return. But, it might not matter depending on how many other deductions and/or credits you have. Each person is different. I actually have withholding done as if I have more dependents also . . . because I have done pretax calculating to determine my approximate tax obligation for the year based on my income and deductions. The goal should be to get a very, very small return. You don't want to owe and possibly be hit with penalties and interest. But, people who brag about big tax returns are stupid; they are essentially giving the Government interest free money all year. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Tax claim question
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