How much can I figure I save per person by claiming my dependents during the year instead of at tax time?
342391
Each exemption on a weekly basis is worth $63.46, so for 6 exemptions, your employeer will take $380.76 off your gross earnings before calculating federal taxes.  Note, if you paid every other week double this amount (so $761.52) (this can be found in the source on page 34).  Now, If your gross earnings are less then this, you will have no federal taxes withheld.  However, for an example say you gross $30,000 a year, that's $576.92 every week.  (What I am about to list I found on the source on pages 40-41, which is the pages you'll use to try other numbers, which I will explain later.)  Note this example is only for a weekly pay period, however if you are on a bi-weekly pay period, just double everything.  With 0 exemptions, federal withholding is approximatly $49.  With 6 exemptions it is approximatly $4.  So, for this example you have $45 extra each week.  To find out what it would be for you, looking at you pay stub find your gross pay, look it up in the charts on pages 40-41(which are the pages for married filing jointly, weekly pay period), unless you are on a bi-weekly pay period, then the pages are 44-45.  Find the amount the range in the two left columns that falls to either side of your gross pay (so for $576.92 I used the 570-580 line).  The columns after that are for each exemption 0 to 10.  If you need any help you can email me at waysj@yahoo.com and I'll give you what help I can.
1073113
$18,720 - assuming you don't take any unpaid leave.\n\nThis would be before taxes and any other deductions.
38741
None.  You're you allowed to exempt up to 250k of the gain from taxes, if you're filing single or seperately.  And 500k if you're married filing jointly.
149883
Theoretically, if you properly fill out the worksheet on a W-4 (Withholding Certificate), the exact amount of tax--no more and no less--will be deducted.  However, it never works out that way.\n\nIf you're concerned about underpaying your taxes, you can file a form 1040ES, Estimated Tax.  It helps you determine what you expect to earn in the coming year to more accurately estimate your tax liability.  While this form is most often used by individuals running their own business, it is something to consider.\n\nAs for your state, it would depend on the one in which you live.
649160
your tax professional can tell you. it depends on your age, income and whether or not each of you is a participant in a qualified plan through your employer. irs.gov is a great reference.
145015
I went to irs.gov and searched for dependants and was refered to Publication 501 which contains the following information.\n\nExemptions for Dependents \nYou are allowed one exemption for each person you can claim as a dependent. You can claim an exemption for a dependent even if your dependent files a return. \n\nBeginning in 2005, the term “dependent” means: \n\nA qualifying child, or\nA qualifying relative.\n\nThe terms “qualifying child” and “qualifying relative” are defined later. \n\nYou can claim an exemption for a qualifying child or qualifying relative only if these three tests are met. \n\nDependent taxpayer test.\nJoint return test.\nCitizen or resident test.\n\nTests To Be a Qualifying Child:\nThe child must be your son, daughter, stepchild, eligible foster child, brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them. \n\nThe child must be (a) under age 19 at the end of the year, (b) under age 24 at the end of the year and a full-time student, or (c) any age if permanently and totally disabled. \n\nThe child must have lived with you for more than half of the year. 2 \n\nThe child must not have provided more than half of his or her own support for the year. \n\nIf the child meets the rules to be a qualifying child of more than one person, you must be the person entitled to claim the child as a qualifying child.
86331
If you have the kids for more than six months out of the year, you can claim them.  If you contribute more than half of the support, then you can claim them.  IRS will let whoever can't claim them  know in  a heartbeat.  They did us.  We could claim them , his ex couldn't.
621149
It depends.  If you really can claim 2, then yes go and claim 2.  You will get more now and less/none on your refund.  This is preferable.  Just beware that if at tax time, you can't actually claim 2, you'll have to pay the taxes and in some cases, there might be penalties if you claim much more than you were supposed to.  As in, you claimed 10, but you were only supposed to claim 2.\n\nRead over the W-4 and claim the number that you should.  The labels are pretty clear.  It's nonoptimal to blindly claim 0 and get a return because the government gets to use your money interest free for that entire period when it was yours anyway.
129930
Take the form 1040 for 04' and the letter to a CPA and let them check into it. We can negotiate with the IRS for you
1056263
It depends on your tax bracket and the number of deductions that you claimed on your W-4, if applicable.  If you're an independent contractor with a 1099, then nothing.  A normal W-2, 20-40%, depending on the things above.
61001
You have 2 dependents and yourself. You should claim 0,1, or 2 dependants plus yourself on your w-4.   0 dependents will get you a bigger federal tax refund next year because you will pay a little more each paycheck than if you claimed 1 or 2. If you get spousal support, you will also be taxed for that money. It's better to claim less dependants on your w-4.
417480
You should claim what you anticipate taking when you file your taxes.  The higher the number the more you take home and the less they withhold.  There's no sense in tying up your money if you know you'll get it back.  Just don't get too carried away because there are penalties if you do get too carried away and claim 10 or something if you don't actually have that many deductions to back it up.\n\nFor example, a normal single adult with no children would probably claim 2 because 1 is personal and 1 is single.
170076
If this is the first time you're filing your taxes on your own, I'm guessing they're not that complicated. I would use Turbo Tax for the web (for free) if your AGI is under $28.5k. I used it for the past two years (prior to this year) and I find it to be excellent.
1064228
The people above who say you should claim 0 are mostly misguided if you're looking for the highest return on your money.\n\nIn general, figure out how much you can actually deduct on your April 15 1040.  If you are single and have no dependents, you can probably claim 2 (single and personal exemptions).\n\nIf you claim 0 blindly, you are in essence giving the government an interest free loan.\n\nFor example, they'll take out an extra 100$ each month and then write you a check for a "tax refund" for 1200$ six to eighteen months later.  There's no gain from that if the money was yours to begin with.\n\nIf you have no spending discipline, you could open a bank account and deposit that extra 100 each month and earn interest on it and be better off.  There's no point in giving free money to the government in order to satisfy the appeal of getting a check for money that was yours.\n\nThe more you claim on your W-4, the less they take each month.
577406
You should pay some estimate so you don't get penalized.  If your tax liability is not within 15% of what you paid in throughout the year you'll be liable for penalties.
18665
You can take an exemption for each of your dependents who was alive during some part of 2005. This includes a baby born in 2005 or a person who died in 2005.
73376
Personal exemption is subtractions for you.\nDependancy is for a child.\nThat child then cannot also put himself for personal exemption. \nThink of exemption as money to live that won't be taxed. since you are taking care of a child, you need money for you and the child to live. That child then cannot also fill out a tax form and deduct money because he is not taking care of himself, you are. In the eyes of the tax code, the child's earned money is not "money to live" so then it's taxed.\nI made up this "money to live" term. But that's pretty much what exemptions are doing.