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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Good morning, I am trying to pay off some medical bills so

Resolved Question:

Good morning, I am trying to pay off some medical bills so I'm trying to twirk my W-4 form for the month of October so I can get as much as my paycheck as possible. I understand that I will be paying this money back during tax time but it is worth it me to get the bills of my back. What and how is the best way to do this? This is only for the month.... I was told to put 20 under dependents. I s that correct?
Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.

HelloCustomer

 

You can calim as many dependents as you like, but as you said, you need to keep in mind that at the end of the year you may be short on your tax withholding, which means you may owe taxes plus interest on the underpaid amount.

 

I don't know if you would really need to claim 20 dependents or if you could get by with less than that. Basically for every dependent that you claim, it will exempt $3,500 from your annual salary from taxes. So if you claim 20 exemptions, the payroll program will calculate that your first $70,000 is annual wages is not subject to tax. You also receive an exemption amount for your standard deduction based on whether you are filling out your W-4 as single or married. So just as an example, if your salary is only $50,000 a year, then you certainly could get by with claiming less than 20 dependents.

 

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

 

Thank you.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Merlo
Merlo
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25+ years tax consulting. Specializing in returns for US citizens living abroad