- quote -

And when talking about W-4's, people often say "exemptions",
when they're really talking about withholding "allowances";
not deductions, not exemptions.

ChEAr$,
Harlan Lunsford, EA n LA
Mon, 1 Nov 2004 16:06:45

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

And when talking about W-4's, they often say "deduction"
when they mean "exemption".

People should learn to understand layman-ese.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

Of course the original poster is not a client for anyone
here, and we as professionals should always strive to use
the correct terminology and make sure in a forum like this
that we have absolute clarity in terminology because so as
to respond properly. I see nothing wrong with the
responders message.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

Point of information: Many clients refer to their "return,"
meaning their refund. We, of course, have a different
meaning in mind when they say "tax return."

Will

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

D.F. Manno wrote:
- quote -

How do you get $1,560? Some governments pay MONTHLY - so
that's only $360 for the year. The feds pay bi-weekly (~26
times per year), so that's off also.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

coolneo[at]yahoo.com (coolneo) writes:

- quote -

I don't know what you're looking at, but you should be
looking at the Form W-4 (available from your employer) and
its worksheets. You're claiming way too few withholding
allowances, and an amended W-4 will fix that.

Phil Marti
Clarksburg, MD

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

coolneo wrote:

- quote -

Congratulations!

- quote -

If you use the W-4 worksheets, you MAY find that you could
claim as many as 6 withholding exemptions. (A withholding
exemption is NOT the same thing as an exemption on the tax
return.) Furthermore, although legally questionable -- the
W-4 does say that you're signing under penalty of perjury,
after all -- there is no penalty for declaring more
exemptions than you're entitled to on the W-4, if you've
already been overwithheld for the year. If you do that, be
sure to submit a "normal" W-4 in late December.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

coolneo[at]yahoo.com (coolneo) wrote:

- quote -

I would hardly call $1,560 "nothing."

--
D.F. Manno
dfm2a3l0t2[at]spymac.com
The average man doesn't want to be free. He simply wants to be safe.
(H.L. Mencken)

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

oolneo wrote:

- quote -

See the instructions that come with the W-4 (withholding
form). It tells you to include extra exemptions to cover the
child tax credit and you may also have to compute extra
exemptions if you itemize deductions.

--
Alan
http://taxtopics.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

coolneo <coolneo[at]yahoo.com> wrote:

- quote -

What did you change?

- quote -

That doesn't make sense. What number of the dozens or
hundreds in your tax return was about $6,000? The total
tax? Your refund? Your underpayment?

- quote -

That appears to indicate you're talking about your refund.

- quote -

Did you look at the W4? You should be claiming more
exemptions. One for the baby, one for every $3,000 in other
deductions (such as the mortgage interest).

Seth

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

So, I bought a house last year, and this year we're having a
baby.

I went on the ADP site and used their little paycheck
calculator to determine how much my salary would increase
with the 1 deduction I would add. My amazing government
gives a whoping $30 extra per pay check! WTF!

My total tax return last year was about $6000. This year,
with a full years worth of mortgage interest payments, I
expect close to, if not more than, $8000. In the past this
would be great, but with the kid coming I'd much rather have
that money in my pocket.

I know I should talk to an expert, but can someone here clue
me in as to what I'm looking at? Just so I understand why
this is so damn stupid!

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->