[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 139 KB, 1200x900, 1 eFjpoz8lhNKyd8XcSWv2OA.jpg [View same] [iqdb] [saucenao] [google]
13211612 No.13211612 [Reply] [Original]

Are you legally allowed to claim 4 on your W4 if you are single with no gf, wife, or kids? I don't want to give the government a free loan.

>> No.13211686

>>13211612
>paying taxes

>> No.13211719

>>13211612
You can claim as many exemptions as you want. However, if you claim too many you will end up owing taxes instead of receiving a refund.

>> No.13211730

>>13211719

I don't mind owing, I just want to make sure they won't arrest me or something since I dont have any true exemptions or dependents

>> No.13211766

>>13211730
worst that will happen is that you may end up owing a penalty for underpayment at the end of the year in addition to the taxes.

t. guy that claimed 10 dependents all last year

>> No.13211917

>>13211766

do you think I would be alright at 4 or 5?

>> No.13211938

>>13211917
Yeah but you're going to owe taxes. It all nets out the same

>> No.13212002

>>13211612
You have to pay 100% of last years tax amount, or 90% of your estimated taxes this year, throughout the year. (110% of last year's estimated taxes if you make over $150k). You'll pay penalties on the difference between what you pay and what you owe at the end of the year. BUT you won't pay penalties on the first $1,000 difference. So if you end up with a $6,000 tax burden at the end of the year, and you've only paid $3,000 throughout the year, you'll owe the other $3,000 in taxes, plus penalties on $2,000.

>> No.13212076

>>13212002
This. You'll get hit with a penalty if you owe too much. The government doesn't want to give you an interest free loan either.

>> No.13212119

>>13212002

WTF

>> No.13212132

>>13211612
I have that wallpaper :-)

>> No.13212174

>>13212119
Which part doesn't make sense? I'm pretty good at knowing stuff but not great at explaining it.

>> No.13212217

>>13212174

you made sense I'm just rustled about the peanlty

>> No.13212238

>>13212002
I looked it up to make sure I had it right, and last month the IRS made it 85% of this year's tax, instead of 90%.

>> No.13212254

>>13212217
The other anon had it right, Uncle Sam won't give you an interest free loan. Also, the penalty is 6%.