If i am single should i claim 1 or 0 on my w-4?

If i am single should i claim 1 or 0 on my w-4?

Postby hamo17 » Sun Apr 24, 2011 6:11 pm

To get more cash in my pay check each week, should i claim 1 or 0 on my w-4? It seems that no matter if i claim 1 and get back a little more each week in my pay check,or claim 0 and get less money in my check, that i get about the same amount of $ at the end of the year for a tax refund. So I feel like i'm better off to claim 1 and get more money in my check now.
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If i am single should i claim 1 or 0 on my w-4?

Postby bernhard1 » Sun Apr 24, 2011 6:12 pm

0 gets you back more.
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If i am single should i claim 1 or 0 on my w-4?

Postby alfrid29 » Sun Apr 24, 2011 6:14 pm

no, 0 takes out more that is not the designation to say how much to withhold, the means no exemptions therefore the maximum withholding on your gross
if you are single, no dependents or a dependent yourself, you can safely claim single 2
single, no dependents, means $9500 is not taxable to you
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If i am single should i claim 1 or 0 on my w-4?

Postby wyth » Sun Apr 24, 2011 6:15 pm

Claiming one will get you more back in your paycheck and a smaller refund when you file your return. Claiming zero will have more tax withheld from your paycheck but you will get a larger refund when you file your return. In the end, your tax liability is going to be the same whatever you claim on your W4 so the only real question is: Do you want use of that money with every paycheck or do you want to have to wait until you get your refund to have access to it?
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If i am single should i claim 1 or 0 on my w-4?

Postby bryant » Sun Apr 24, 2011 6:17 pm

And when you correctly complete your 2011 tax year income tax return in the year 2012 do you want to have to worry about the possibility of having to issue a check or payment amount to the IRS because you failed to have enough estimated federal income tax withheld from your gross wages earnings before they issued you your NET take home paycheck for each pay period because you claimed 1 on your W-4 form instead of single and -0-.
Will you save the extra amounts each pay period and have that amount available in the year 2012 in case you should need it next year when you correctly complete your 1040 income tax return to send to the IRS.
So this is really has to be your own decision that you will have to be responsible for.
Hope that you find the above enclosed information useful
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If i am single should i claim 1 or 0 on my w-4?

Postby westbroc82 » Sun Apr 24, 2011 6:18 pm

"that i get about the same amount of $ at the end of the year for a tax refund."

WRONG. If you have LESS withheld, you do not get the SAME refund. A tax refund is a refund of overpaid tax. If the total annual tax liability is the same and you have less withheld, you get less back (IF overpaid).
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If i am single should i claim 1 or 0 on my w-4?

Postby strahan91 » Sun Apr 24, 2011 6:20 pm

If you're a dependent, claim zero. If not, claim 1.

And anything extra you get in your paychecks means that much less in your refund - the total money is the same.
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If i am single should i claim 1 or 0 on my w-4?

Postby klaus » Sun Apr 24, 2011 6:21 pm

If you're a dependent, claim zero. If not, claim 1.

And anything extra you get in your paychecks means that much less in your refund - the total money is the same.
If you have only one job and no one else can claim you as a dependent, then you may claim 0, 1, or 2, whichever you prefer.

If you have two or more jobs or someone else can claim you as a dependent, but not both, then you may not claim 2. You can claim only 1, and at only one job, and claim 0 at every other job, or you can claim 0 at every job.

If you have two or more jobs and someone else can claim you as a dependent, then you must claim 0 at all jobs.
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