Tax question

[ryansblaster]

So my job is seasonal and I looked at my last pay stub and realized I claimed myself when I filled out my papers when I started. My mom said I wasn't supposed to because I'm still living in her house since I'm a college student. Will I have a chance to change this when filing my tax return? Thanks for any help in advance.

[flint250trx]

you can change your tax amounts at anytime with you employer. Also you can claim yourse lf not a huge deal just now your mom cant claim you at the end of the year thats all.

[OldGuyonaQuad]

By claiming yourself you receive more weekly but run the risk of oweing at the end of the year, but if you are just seasonal you will get almost everything (if not everything) back anyway. So if you want a nice little savings account to start the new year change it otherwise leave it as it is. Most people will tell you not to let Unlce Sam use your money intrest free because if you owe they sock you with intrest and pentaly fees.

[ryansblaster]

I also noticed since I claimed myself I have paid about 6 Times more in taxes when I only made $1500 more than last year.

[OldGuyonaQuad]

Originally posted by ryansblaster
I also noticed since I claimed myself I have paid about 6 Times more in taxes when I only made $1500 more than last year.

That is 100% incorrect. If you paid more it'd because you grossed more income this year. If you claimed zero they would have taken out far more up front. Like I said before it doesn't much matter you will get it all back once you file.

[ryansblaster]

Originally posted by OldGuyonaQuad
That is 100% incorrect. If you paid more it'd because you grossed more income this year. If you claimed zero they would have taken out far more up front. Like I said before it doesn't much matter you will get it all back once you file.

Oh ok thank you for your help

[wilkin250r]

The allowances you claim on your W-4 form only affect how much money your employer takes out of your check, and doesn't actually affect the amount of taxes you end up paying in the end.

Let's just pretend you end up paying $1200 in taxes for the year. Ideally, your employer will hold $100 a month from your paycheck and send it to the government, who will then hold it until you file your taxes in April.

Let's say your employer actually sends the IRS $1400, and you file taxes saying you only owe $1200, you get $200 back. The amount your employer takes out of your check is dependent upon that number you filled out on your W-4, the more allowances you claim, the less your employer takes out of your paycheck. So if you claim too many allowances, and your employer only pulls $900 out of your checks at the end of the year and you actually owe $1200, you will need to send a check to the IRS for $300 to cover the difference.

That's really the only risk or problem. Me, personally, I always claim 0 so my employer will take out the maximum amount, and I'll get a huge tax refund at the beginning of the year.

[ryansblaster]

Thank you that really clears it up for me.