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Question

FEDERAL TAX EXEMPTIONS? How many should we claim?Last year filed as married 8. One income, Earned 333,000, have two children and now owe 9,000 to the IRS. What would be the right number of exemptions to owe around even or one thousand to IRS next year with same income. Thanks JB

Submitted: 261 days and 20 hours ago.
Category: Tax
Value: $30
Status: CLOSED
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Simsbury, Connecticut

Accepted Answer

Hello Starz,

 

If you would change your exemptions to -0- this should result in having approximately an additional $9,000 withheld in taxes, so at the end of the year you should owe no tax or very little tax.

 

In your income bracket, for each one exemption that you claim on your W-4 form, it will result in approximately $1,100 more in tax being withheld.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you.

 

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Expert: Merlo
Pos. Feedback: 99.8 %
Accepts: 
Answered: 3/6/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

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