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The more exemptions you claim, the less taxes are ...

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The more exemptions you claim...
The more exemptions you claim, the less taxes are taken out of your income?
Submitted: 11 years ago.Category: Tax
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Answered in 20 minutes by:
10/23/2006
Tax Professional: Wayne Brasch, Accountant and Business Consultant replied 11 years ago
Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1,298
Experience: Master of Science in Taxation. Tax experience since 1963.
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That is correct, but they are no longer called exemptions for Federal tax withholding purposes. They are called withholding allowances. This involves more than exemptions did in the past.
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Wayne Brasch
Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1,298
1,298 Satisfied Customers
Experience: Master of Science in Taxation. Tax experience since 1963.

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