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10-10-06, 03:34 PM
|  | | | Join Date: January 2003 Location: North GA
Posts: 1,826
| | | Taxes and Exemptions
I'm curious about something. On a W-4 tax form you can put the amount of exemptions you want to claim. You can claim yourself for 1 or you can put 0. What does that mean exactly. Do they take out more taxes or less taxes depending on the amount of exemptions?
Thanks |
10-10-06, 03:37 PM
|  | Cuthbert catcher | | Join Date: May 1999 Location: Anywhere except the Unemployment Line
Posts: 1,050
| |
If you are in school, you can claim yourself or not.
One way you get more taken out and get it back at the end of the FY. The other way less is taken out and you don't get as much back. I always used it like a savings plan  |
10-10-06, 03:39 PM
| | | | Join Date: January 2003 Location: North GA
Posts: 1,826
| |
Yeah, I think I claimed 0 so I'd get more back at the end of the year. I just can't remember which does what. |
10-10-06, 03:41 PM
| | Cuthbert catcher | | Join Date: May 1999 Location: Anywhere except the Unemployment Line
Posts: 1,050
| |
I don't remember either... you might be able to google that  |
10-10-06, 03:46 PM
| | Banned | | Join Date: June 2002 Location: Prattville, Alabama
Posts: 3,875
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The more exemptions you claim on the W4 the less tax they take out of your check every payday.
U.M. |
10-10-06, 03:49 PM
| | | | Join Date: January 2003 Location: North GA
Posts: 1,826
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Ok thanks. Bailed out by the meat |
10-10-06, 04:00 PM
|  | No soup for you, Joe Rogan!!! | | Join Date: June 2005 Location: Boca Raton, FL
Posts: 332
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The real question is, why would you want the gubment to hold more of your money until you get your return, when you could get it now, invest it and gain some interest on it? If you are like me and would end up buying mods with it, then I understand though.  |
10-10-06, 04:10 PM
|  | Thanks to Tim, I get off pretty easy. | | Join Date: February 2001 Location: Houston, TX
Posts: 1,496
| | Quote: |
Originally Posted by 5.0 con-vert The real question is, why would you want the gubment to hold more of your money until you get your return, when you could get it now, invest it and gain some interest on it? If you are like me and would end up buying mods with it, then I understand though. | Because no one likes to pay Uncle Sam (...or Meat) money at the end of the year. |
10-10-06, 04:18 PM
|  | Hey guys, guess what--I have a bi-pass!!! | | Join Date: March 2006 Location: Welcome my son, welcome to the machine
Posts: 493
| |
every year i have to pay about $1500 or more, more then i had already payed in and i have never got any back. i claim single 0 and still this happens. i hate it.
although this is where kids and morgages pay off |
10-10-06, 05:14 PM
|  | Fried or Broiled ? | | Join Date: March 2005 Location: Fort Wayne, IN
Posts: 6,204
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You can put down whatever you want for number of exemptions on a W-4. But you better have the money ready on April 15th if you come up short. |
10-10-06, 05:45 PM
|  | Old guys rule!!! | | Join Date: March 2003 Location: Sea of Tranquility
Posts: 4,521
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I'm claiming married and 9 right now...extra cash for Christmas. Besides I don't like giving the "man" a free loan...infact I don't mind owing a couple of hundred of interest free money at the end of the year. |
10-10-06, 07:42 PM
| | Banned | | Join Date: June 2002 Location: Prattville, Alabama
Posts: 3,875
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Some people just can't save money. Having Uncle Sam hold some extra back all year long and then give it up all at once is all some folks have.
U.M. |
10-11-06, 08:12 AM
| | Hey guys, guess what--I have a bi-pass!!! | | Join Date: March 2006 Location: Welcome my son, welcome to the machine
Posts: 493
| | Quote: |
Originally Posted by Uncle Meat Some people just can't save money. Having Uncle Sam hold some extra back all year long and then give it up all at once is all some folks have.
U.M. | this happens way more than it needs too. my dad is a mechanic and he will work on someones car but more often then not people want a payment plan. or try to stiff us.  |
10-11-06, 01:41 PM
| | Cuthbert catcher | | Join Date: May 1999 Location: Anywhere except the Unemployment Line
Posts: 1,050
| | Quote: |
Originally Posted by 68torinogt this happens way more than it needs too. my dad is a mechanic and he will work on someones car but more often then not people want a payment plan. or try to stiff us. |
That's why mechanics can hold cars for payment |
10-11-06, 01:48 PM
| | Hey guys, guess what--I have a bi-pass!!! | | Join Date: March 2006 Location: Welcome my son, welcome to the machine
Posts: 493
| | Quote: |
Originally Posted by Strype That's why mechanics can hold cars for payment | we dont always 
but most of the cars are not worth the hassle |
10-11-06, 01:49 PM
| | Cuthbert catcher | | Join Date: May 1999 Location: Anywhere except the Unemployment Line
Posts: 1,050
| | Quote: |
Originally Posted by 68torinogt we dont always
but most of the cars are not worth the hassle | Broke people FTL |
10-11-06, 01:51 PM
| | Hey guys, guess what--I have a bi-pass!!! | | Join Date: March 2006 Location: Welcome my son, welcome to the machine
Posts: 493
| | Quote: |
Originally Posted by Strype Broke people FTL | i agree.
we had some people cause lots of problems over this crap |
10-11-06, 01:52 PM
| | Cuthbert catcher | | Join Date: May 1999 Location: Anywhere except the Unemployment Line
Posts: 1,050
| | Quote: |
Originally Posted by 5.0 con-vert The real question is, why would you want the gubment to hold more of your money until you get your return, when you could get it now, invest it and gain some interest on it? If you are like me and would end up buying mods with it, then I understand though. |
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