How many for the state of Alabama?How many exemptions can a person take if supporting spouse and 2 kids?
You can claim yourself (and your spouse if applicable) and 2 kids for a total of 4 on your income tax return.
As far as the W4, you will have to look at your last tax return, and divide your refund by the number of paychecks you get each year. Let's say you got $4,800 and are paid once a month. You need about $400 less withholding each month. Talk with your payroll person to see how many exemptions you need to claim (based on the w/h tables issued by the IRS and State of AL) to have $400 less withheld in this example.How many exemptions can a person take if supporting spouse and 2 kids?
Exemptions are what you take on your actual tax return, and you get four, one for each person.
Sounds like you're really asking about allowances, on your W-4. Assuming your spouse doesn't have income also, and you don't have multiple jobs, you could take as many as 9 if the kids are both under 17: one for each person, one more for having a non-working spouse, and two more for each child under 17. Even though that comes to 9, I'd stick with 8 if you want to be sure not to owe.
P.S. next time please list your gross income, so rough assumptions and calculations can be made. I know nothing about Alabama tax codes.
Ditto others' answers you will have 4 personal exemptions on your tax return.
Yes, the more exemptions you claim on your W-4, the larger your regular paychecks will be. {If you claim more than 9 (?) the IRS will ask you to explain yourself, and it better be good.} But do your math to make sure you are having enough withheld because if you owe the IRS too much [%26gt;$999 (?): check the tax law] next April 15 you could owe penalties. At that time you could probably avoid/reduce the potential penalties by putting enough money into IRA accounts, but you may not have the spare cash to do that. However, when people know they will contribute to their IRAs or have massive mortgage interest, stock losses, charitable contributions, etc they often add 1 or more allowances to the person count on their W-4 to get the extra cash each paycheck instead of waiting for a large return after filing.
you file your W-4 as you are legally entitled to do
married, and two children, and wife does not work and you don't have a 2nd job
if you itemized you also can declare one more dependent for every $3650 that you itemize
No comments:
Post a Comment