tkreenie
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highly doubt it. |
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Spock (rhp)
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false
***
depending on your income level, it may prevent any withholding of tax.
BUT, you still have to file and pay.
AND if you have not deposited enough estimated tax via either withholding or by direct payment by Jan 15th, you will be assessed interest and penalty.
PLUS, claiming excessive numbers of exemptions on your W-4 to try to avoid paying taxes is a crime. |
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Marc
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Where's the law that says we have to pay taxes in the first place? Nobody has seen it. Not that I don't pay mine. We should. |
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Steve
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It could be true if you actually have 7 children. Assuming that the 7 children are to a married couple, that means there is a minimum of $41,300 in deductions before applying any possible tax credits.
However, if you don't have 7 children to claim for your taxes, then you are looking at tax fraud.
Changing gears here. If you mean claiming 7 allowances on your W-4 form, then you are stating that you expect to have at least $24,500 in deductions for 2008. |
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♥♥The Queen Has Spoken♥♥
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Only if the deductions you can take for seven children put at an adjusted level that isn't taxed....
If you make a million bucks it's not do a think to put you in a tax free status.... |
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bud68
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You heard wrong. It only puts you in an underwithholding status. |
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momof2kiddos
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Are you talking about when you file your return at the end of the year? Or when you fill out your W4 at work to determine how much is with-held per pay period? Either way the answer is:
No.
When my hubby is expecting a large paycheck bonus, and he knows that the fed will tax the crap out of it...he changes his w4 to claim "married and 9 dependants" just for that pay period. He is still taxed on the bonus....but it is much less.
As far as annual income taxes: If each 'dependant' counts as a tax credit....and you have a whole lot of kids, then I can see how you'd end up getting a pretty hefty refund in the end. |
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AM-NM centaur
 |
No. I used to claim 6 total exemptions but recently switched to 5. I have a big mortgage payment. You can claim as many EXEMPTIONS (not children) to adjust your withholding to the right amount.
See IRS Publication 919 which includes a worksheet to determine the correct number of exemptions to claim on your W-4.
http://www.irs.gov/publications/p919/ |
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sunny_days!
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You would have to have a very low income for anything like that to come close to being true. Besides, look at all of the other taxes everyone pays. Medicare tax, Sales Tax, Property Tax, Gasoline Tax, Vehicle Registration Tax and so on. There is a bare minimum tax that everyone who earns wages must pay, and that is the Payroll Tax. |
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LvL ?? Assassin
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What if its true are you going to try to have 7 children?.......lol |
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BluMyz83
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I thought it was 10. You do qualify for help from the government with 10 kids. |
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T M
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just download the tax tables from IRS.gov |
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Rob
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Puts you in a welfare status |
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LaraSue
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Do you have 7 children? |
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pietro
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Actually, i think that is true. but if you lie and say you have 7 children when you dont. Its a felany and you will be arrested. |
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dyamond25
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i dont nkow but i heard they dont take taxes out or that much |
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147258369987654321159357
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NO!!!!!!!!!!!!!!!!Do you have 7 children????????????????? |
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