Who Did Their Taxes?

[TONY206]

cant she have that corrected this year?

~k.

Yeah she can amend it. Even if she had the baby Dec. 31 at 11:55pm and the doctor went nuts and 11:56pm and decapitated the baby, she'd still be able to claim it for that year.

 

[Stalka All Day]

whats the difference between 0 and 1??? is it just the fact the 0 gets more $ withheld?

lol....tony be knowing and shit....hella wants to be my accountant

 

[TONY206]

whats the difference between 0 and 1??? is it just the fact the 0 gets more $ withheld?

lol....tony be knowing and shit....hella wants to be my accountant

Single 0 is what you are claiming on your taxes. You are single and have 0 dependents and someone else is claiming you so you will not have many deductions and will owe more, thus you'll want more withheld. Single 1 is being single, having 1 dependent, which is yourself if no one claims you, so you'll have more deductions making your overall tax less so you'll want less withheld. You can claim Single/Married 0 - Single/Married 99 if you wanted.

 

[X_KaLiBa]

i'll let you know april 15 11:59pm or whatever the fuck...i'm not gettin shit back (i know how to fill out my w-4)

 

[Stalka All Day]

Single 0 is what you are claiming on your taxes. You are single and have 0 dependents and someone else is claiming you so you will not have many deductions and will owe more, thus you'll want more withheld. Single 1 is being single, having 1 dependent, which is yourself if no one claims you, so you'll have more deductions making your overall tax less so you'll want less withheld. You can claim Single/Married 0 - Single/Married 99 if you wanted.

so does that mean if someone claims single 0 as opposed to single 1, do they get paid less on their paycheck?

 

[kayvee]

^ yes.

~k.

 

[Tony]

I claim single 1 so is that the reason I don't get much back? If I claimed single 0 should I get more money back on my returns?

 

[TONY206]

so does that mean if someone claims single 0 as opposed to single 1, do they get paid less on their paycheck?

They will have more withheld, so yes, they'll get paid less, but let's say there's two people working the same hours with the same rate and will have the same deductions on their taxes with the only difference between their paychecks is one claimed 0 and the other claimed 1. They end up with their tax for the year at $1000. Now, the one claiming 0 will have paid more towards that and maybe overpaid. The one claiming 1 will have paid less towards and will get back less, but in the end they both paid $1,000 for the year.

Federal withholding is just an estimated payment towards your total tax for the year.

 

[Stalka All Day]

I claim single 1 so is that the reason I don't get much back? If I claimed single 0 should I get more money back on my returns?

i dont know yo, im guessing yes tho..cuz the the reason why i claim single 1 is so that i can a bigger paycheck throughout the year...but im not sure how big a difference it makes....cuz in reality i am my own dependent and shit...who else claims single 1 in this bitch?

 

[Tony]

^Me

 

[TONY206]

I claim single 1 so is that the reason I don't get much back? If I claimed single 0 should I get more money back on my returns?

Yes, but no matter what you claimed you're paying EXACTLY the same in the end. If you would have got $1,000 more back with 0 instead of 1, you would have paid $1,000 in withholding from your checks.

 

[Stalka All Day]

They will have more withheld, so yes, they'll get paid less, but let's say there's two people working the same hours with the same rate and will have the same deductions on their taxes with the only difference between their paychecks is one claimed 0 and the other claimed 1. They end up with their tax for the year at $1000. Now, the one claiming 0 will have paid more towards that and maybe overpaid. The one claiming 1 will have paid less towards and will get back less, but in the end they both paid $1,000 for the year.

Federal withholding is just an estimated payment towards your total tax for the year.

your so smart...lol

 

[TONY206]

your so smart...lol

It's you're, lol. I'm going to school to become a CPA. I worked all last tax season doing 100+ returns, I would love to be there again, but I have a higher paying job as a controller.

 

[Stalka All Day]

It's you're, lol. I'm going to school to become a CPA. I worked all last tax season doing 100+ returns, I would love to be there again, but I have a higher paying job as a controller.

lol oh hell no u didnt just correct me! yeah, im not good with numbers....and i work at a bank..lol

 

[Tony]

Yes, but no matter what you claimed you're paying EXACTLY the same in the end. If you would have got $1,000 more back with 0 instead of 1, you would have paid $1,000 in withholding from your checks.

Thanks 06!

 

[kayvee]

lol oh hell no u didnt just correct me! yeah, im not good with numbers....and i work at a bank..lol

do u work for a major bank?

~k.

 

[DankedOut707]

yeah, im not good with numbers....and i work at a bank..lol

HAHA HELL NAH. THATS A FUCKED UP COMBINATION. YOUR FIRED!

 

[Stalka All Day]

do u work for a major bank?

~k.

somewhat....they've been expanding alot in the last 4 years....

 

[kayvee]

ok im assuming its not chase, wells, b of a, ing...etc...?

~k.

 

[Stalka All Day]

nope.....i used to work for wells for a minute tho...all the bigger and well known banks are very pushy about their sales and shit...like they expect you to reach these sales numbers that are waaaaaaaaaaaaaaaaaaay too fucking much...it was too fucking stressful