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Advice on changing exemptions on W4?
Just discovered I owe the IRS for tax year 2013, due to indicating "2" as number of exemptions on my W4.
If I fill out a new W4, and reduce exemptions to "1", (which should reduce likelihood that I owe the IRS next year) - how does that affect my current monthly paychecks? Would those paychecks be smaller, or larger?
7 Answers
- JudyLv 77 years agoFavorite Answer
If you put 1 instead of 2 to increase your withholding so you don't come up short t the end of the year, your paychecks would be smaller. The total money is the same, so you end up paying more early if you don't want to pay at tax time. Your paychecks might go down by around $9 a week.
- ?Lv 77 years ago
If you change from 2 to 1, your paychecks would be smaller.
Use www.paycheckcity.com to see the difference.
- 7 years ago
Smaller. There going to take more taxes out. The percentage depends on the gross amount in your check but it will most likely reduce your net received by 2-5% each check
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- BobbieLv 77 years ago
Pay check after taxes will be a few dollars less when a few more dollar will be withheld for the FIT purpose for each pay period during the 2014 tax year.
Hope that you find the above enclosed information useful. 01/28/2014
- SlickterpLv 77 years ago
How much do you owe?
Your checks will be slightly smaller due to higher withholding.
