State Form 48845
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People also ask state form 48845 r2 8 08
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What happens if you claim too many exemptions?
Claiming fewer allowances on Form w-4 will result in more tax being withheld from your paychecks and less take-home pay. This might result in a larger tax refund. On the other hand, claiming too many allowances could mean that not enough tax is withheld during the year.
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How many exemptions should I claim in Indiana?
Lines 1 & 2 - You are allowed to claim one exemption 'for yourself and one for your spouse (ifhe/she does not claim the exemption for him/herself). If a parent or legal guardian claims you on their federal tax return, you may still claim an exemption for yourselffor Indiana purposes.
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What form do I need to go exempt?
An employee can also use Form W-4 to tell you not to withhold any federal income tax. To qualify for this exempt status, the employee must have had no tax liability for the previous year and must expect to have no tax liability for the current year.
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Is it better to claim 1 or 0 on your taxes?
Thus, claiming ``0'' results in the smallest paycheck, but a larger tax refund at tax time. The larger the number (ie 1, 2, 3, etc...) will result in larger paychecks, but will reduce tax withholdings which may result in a smaller tax refund or owing at tax time.
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What is the New York state tax withholding for 2024?
New York State payroll taxes for 2024 The state as a whole has a progressive income tax that ranges from 4. % to 10.9%, depending on an employee's income level. There is also a supplemental withholding rate of 11.70% for bonuses and commissions.
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What is the best number of exemptions to claim?
A single filer with no children should claim a maximum of 1 allowance, while a married couple with one source of income should file a joint return with 2 allowances. You can also claim your children as dependents if you support them financially and they're not past the age of 19.
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What is the exemption amount for Indiana?
To determine if you're required to file, first, figure your Indiana exemptions: You are allowed a $1,000 exemption for yourself and a $1,000 exemption for your spouse (if married filing joint).
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Does Indiana have a state tax withholding form?
Instructions for Completing Form WH-4 This form should be completed by all resident and nonresident employees having income subject to Indiana state and/or county income tax.
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