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Old 06-23-2007, 06:23 PM   #1
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Default claiming 1 or 0 for paycheck question

how much of a big difference is claiming from 1 -0? lets say a person makes 1500 aftertax, claiming 0... if he claims 1, how much more would he get aftertax?
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Old 06-23-2007, 07:55 PM   #2
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Default Re: claiming 1 or 0 for paycheck question (DC2SiR)

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Old 06-24-2007, 05:33 AM   #3
 
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Default Re: claiming 1 or 0 for paycheck question (DC2SiR)

Quote:
Originally Posted by DC2SiR
how much of a big difference is claiming from 1 -0? lets say a person makes 1500 aftertax, claiming 0... if he claims 1, how much more would he get aftertax?
Claiming 0 will allow the government to take more taxes out of your check each pay period which will result in a larger refund at the end of the year. If you claim 1 or 2, less taxes will be taken out at each pay period, but you will gat a smaller refund or owe money at the end of the year.
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Old 06-24-2007, 06:45 AM   #4
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I claim exempt. I'd rather put my money in savings then have the IRS hold it all year long.
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Old 06-24-2007, 07:41 AM   #5
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Default Re: claiming 1 or 0 for paycheck question (jmh285)

Quote:
Originally Posted by jmh285

Claiming 0 will allow the government to take more taxes out of your check each pay period which will result in a larger refund at the end of the year. If you claim 1 or 2, less taxes will be taken out at each pay period, but you will gat a smaller refund or owe money at the end of the year.
yeah i know that.. but how big of a difference is it when it comes to payday? i claimed 0 aftertax i get 1500.. now if i claimed 1 would i had gotten like 1700 aftertax?? i rather see the money NOW than later..
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Old 06-24-2007, 04:24 PM   #6
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Default Re: claiming 1 or 0 for paycheck question (DC2SiR)

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Originally Posted by DC2SiR
yeah i know that.. but how big of a difference is it when it comes to payday? i claimed 0 aftertax i get 1500.. now if i claimed 1 would i had gotten like 1700 aftertax?? i rather see the money NOW than later..
If you knew that you would'nt have asked the question. The exemption is calculated for the whole tax year or from when every you change it. No one here can give you definite answer because alot of things are factored in your pay, state taxs, medical, fica, fed taxs and the tax bracket you fall in. I believe the IRS has a link on its website that allows you to factor in exemptions and shows you how much you will gain/loose if you are married, have dependents, single etc by adjusting the exemption status. It's worth a look..

If you want to see the money now, go to your tax rep or who ever handles the W-2 process at your employer and change it, you should see the money trickle down in the next pay checks.

Quote:
Originally Posted by 1995Ex_Sedan
I claim exempt. I'd rather put my money in savings then have the IRS hold it all year long.
This is true, by NOT doing this you are giving the IRS an interest free loan, when you could essentially being gaining interest on the money you gain now by puting it in the bank or investing it.

I claim S- 1 and my tax returns at the end of the year are very small. Click the image to open in full size.

Evan
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