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help - think i owe taxes...

i think i filled out my husband's form wrong when he started work. on the pay stub, what do the federal income tax allowance/exemptions mean? they're not holding enough back, but i don't know what i did wrong. (it says there are 4 exemptions/allowances)

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ariel08

Asked by ariel08 at 8:58 AM on Jan. 9, 2009 in Money & Work

Level 4 (43 Credits)
Answers (5)
  • That would mean you have you, your dh and 2 kids. Is that correct?
    gemgem

    Answer by gemgem at 9:03 AM on Jan. 9, 2009

  • no, only one kid.... and our state taxes say we have 1 exemption if that makes a difference.
    ariel08

    Answer by ariel08 at 9:06 AM on Jan. 9, 2009

  • The exemptions determine how much tax is withheld. The higher the exemption, the lower the taxes withheld. If you have a child tax credit, if you are not work, and if you pay child care expenses, you are probably reasonably OK. Do your taxes, see where you are, then adjsut his W-4 this year to take more out if necessary.
    Anonymous

    Answer by Anonymous at 9:33 AM on Jan. 9, 2009

  • You probably won't owe anything but may not get as much of a refund.
    customcat2000

    Answer by customcat2000 at 9:43 AM on Jan. 9, 2009

  • The worksheet on the W4 can really drive you crazy. I've had years where I didn't have enough withheld because I'd started a new job and put down too many exemptions. If you underpaid in 2008, all you can do is pay the bill. But you can re-adjust for 2009.
    gdiamante

    Answer by gdiamante at 3:02 AM on Jan. 12, 2009

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