Q:

Should I claim 0 or 1 dependents on my W-4 tax withholding form?

A:

Quick Answer

What should be claimed on a W-4 withholding form depends on the taxpayer's overall tax situation. Claiming one exemption or dependent results in a little less tax withholding than claiming zero. The IRS provides a W-4 calculator on its official website to assist taxpayers in making this decision.

Know More

Full Answer

Factors that have to be considered for tax withholding include marital status, number of jobs held, penalties or credits, and other income that may not have withholding, such as rent or interest. A single taxpayer with no dependents who has only one job could use either zero or one on the W-4 and the withholding would be reasonably close to the annual liability, the IRS calculator shows. Claiming zero is more likely to result in a refund.

Learn more about Income Tax
Sources:

Related Questions

  • Q:

    How many dependents can I claim on my W-2?

    A:

    The W-2 form is not used to claim dependents; it is intended for an employer to report its employee's income tax withholdings and annual earnings. According to the IRS, the W-4 form is the correct form for claiming dependents.

    Full Answer >
    Filed Under:
  • Q:

    What is the purpose of a W-9 form?

    A:

    The W-9 form is a sheet generated by the Internal Revenue Service to obtain a legal and accurate tax identification number from an individual or corporation required to file an information return to the IRS. The IRS requires citizens and businesses to file certain financial information, which is used to determine the amount of taxes owed and to gain other information, such as income accrued and real estate transactions.

    Full Answer >
    Filed Under:
  • Q:

    How can you request a printed copy of your W-2 form from Tyson Foods?

    A:

    Employees of Tyson Foods can request their W-2 form through the company's intranet system or by calling the Tyson Foods W-2 Helpline on 877-824-0707. Employees looking for a copy of their W-2 form can also speak to their human resources manager.

    Full Answer >
    Filed Under:
  • Q:

    How long are the 2013 1040 tax form instructions?

    A:

    The instructions booklet for 2014 Form 1040 is 104 pages long, not including the form itself. The form and instructions are available in both HTML and PDF versions on the IRS website. Forms and instructions are also available in print form via mail by calling the IRS.

    Full Answer >
    Filed Under:

Explore