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Tax Return

I hear ppl say they fix their paycheck so they don't receive a return. How do you do that? I may be wrong so please feel free to correct me.

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vjoaquin

Asked by vjoaquin at 4:55 PM on Dec. 20, 2010 in Money & Work

Level 17 (3,786 Credits)
Answers (7)
  • You would claim more dependents but it could end up where you pay in too.. I myself look forward to the return
    maxsmom11807

    Answer by maxsmom11807 at 4:57 PM on Dec. 20, 2010

  • We never get a return and usually have to pay a small amount we paid $11 last year. We have just my husband and I so it is pretty easy to calculate how much. We spoke to an accountant and he helped us. We would rather have it in our check now than have them keep our money and not pay us interest.
    voni681

    Answer by voni681 at 5:11 PM on Dec. 20, 2010

  • You talk with your employer about changing it so that the government doesn't take money out of your check for taxes. Then at the end of the year you have to pay the government back for what they did take out of each check.
    JazzlikeMraz

    Answer by JazzlikeMraz at 5:32 PM on Dec. 20, 2010

  • You can claim more dependents and/or you can file a form to receive some of the EIC (earned income credit) in every pay check. You'll have to fill out form w5 and give it to your employer every year.

    http://www.irs.gov/pub/irs-pdf/fw5.pdf
    Erica_Smerica

    Answer by Erica_Smerica at 9:33 PM on Dec. 20, 2010

  • They're probably talking about the amount of money have withdrawn each pay for taxes.
    HotMama330

    Answer by HotMama330 at 1:11 PM on Dec. 21, 2010

  • If you find that you are owing taxes every year, then you would want to choose to have the federal withhold extra money per check. When filling out the tax forms at your employer, theres an option to choose how many dependents you claim - there is also an option for you to enter an amount that you would like them to withhold as well. I think this option is better for those who make more than average.

    Personally,
    I don't make enough to want to do this. I choose a smaller amount to come out of my check, but I also get earned income tax credit, and I also get child tax credit for my son... So, I never end up owing. Sometimes a small amount for state, but nothing crazy.
    tyree08

    Answer by tyree08 at 2:46 PM on Dec. 22, 2010

  • Everyone who earns more that $600 a year, and is over 18, is required to file a tax return
    rkoloms

    Answer by rkoloms at 10:55 AM on Dec. 23, 2010

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