Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Federal taxes?!

I am trying to figure everything out and right now at my job I have claimed 2 on my taxes. I noticed the other day that I am not getting any federal taxes withheld. Should I drop it down to 1? Will I have to pay federal taxes at the end of the year? Or how does all that work. Thanks in advace.

Answer Question
 
Anonymous

Asked by Anonymous at 8:03 PM on Aug. 16, 2009 in Money & Work

Answers (7)
  • i always claim 0 that way i now 100percent that i wont have to pay and i have always gotten money back last yr i got back 4,500 and that was just with one kid i have two this time cha ching....and me and my man arent married he claims 0 also and last yr he got back 2,500....i cant wait for tax time
    Anonymous

    Answer by Anonymous at 8:07 PM on Aug. 16, 2009

  • The one year that I did claim 2 I had to pay in. I claim 1 all year and head of house and i always get $$ back.
    Anonymous

    Answer by Anonymous at 8:18 PM on Aug. 16, 2009

  • I claim 0 as well. I'd rather have a decent sized tax return and know for sure we don't have to pay in.
    Anonymous

    Answer by Anonymous at 8:18 PM on Aug. 16, 2009

  • I would sit down and figure it out - I don't know much about taxes, but I do know that if you get a big tax return, you've just let the government use your money for a whole year without charging them interest
    missanc

    Answer by missanc at 9:02 PM on Aug. 16, 2009

  • Everyones tax situation is different, the amount of taxes you pay all yr depend on how many withholdings you claim, as in dependents, and then at the end of the yr it all depends on how much you make, how many dependents you have, if you itemize your deductions or just take the standard deductions. If you are having alot of money with held while you work all yr, you are loaning the govt your money for free. If you always get a large tax return, you are having too much with held and are giving them your money. If you usually qualify for earned income credit you are probably having too much held out. Its really up to each person, do you want more on a paycheck or a big check that most people blow on nothing all at once in the spring
    SuperMomof3kids

    Answer by SuperMomof3kids at 11:03 PM on Aug. 16, 2009

  • I claim 7 on my w-4. We are a family of 3 and have 2 businesses. I don't like to let the government use my money interest free either so I make sure what tax refund I receive is as close to zero as possible. Go to the IRS website and there is a form that you can complete that will tell you what you should claim.
    Anonymous

    Answer by Anonymous at 11:08 PM on Aug. 16, 2009

  • We claim 3 and there are 3 of us. We should claim 4 according to the form but I don't want to owe taxes after. We make a lot of money though and they don't take enough if you claim 4. If you claim less you will get more back but the government is basically holding on to your money for a year for you. Of course, if you would spend it on stupid stuff throughout the year sometimes one nice check is great once a year.
    Anonymous

    Answer by Anonymous at 11:52 PM on Aug. 16, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN