I am getting laid off my job and I want to change my W-4 info for the next couple month of the remainder of the time I have a job in order to get as much money as I can in my checks. I have been told to mark "exempt" on it to do so. Is this correct? Also , which should I mark on the marital status; Single ,married, married but withhold as single? thanks.
If you mark exempt, nothing else matters because your FWH will be $0. You are welcome to do to do that.
Sorry to hear about that. Hope you find something soon. But yes, choosing Exempt will mean that no Federal Income Tax is withheld.
Correct. The only thing you could do more would be to claim advanced EIC, but that isn't necessarily something you qualify for or want to do anyway. Assuming you live in TX, you'll get 92.35% of your gross income, because you will still have FICA withheld no matter what.
To mark exempt you have to have had no tax liability for last year and expect to have none for this year. If I were you, I would claim 4, and mark down whatever status you are (single, married, head of household, etc.). They will still take some tax out, but very very little. Not that you asked for it, but my opinion would be to just claim 1 more than what you would normally claim. So if you're single just claim 2. After that, just do your best to put some money aside. These are tough times, but times can get really tough when it's tax time and you owe the IRS. Good luck. Pugs
It says that, but W-4s aren't sent to the IRS unless they have something like 13 exemptions claimed. You can actually file exempt if you want to. As long as you are covering your tax liability by 90% and have it paid 100% by April 15th you are subject to no penalty.
I remember when I did this accidentally on a former job and I hated it but see how it can be useful now.
