I am married with 4 dependants and I want to claim 8, I make about 4,000 a week. How much will be deducted?

I just need to know approximately how much will be deducted every week from my check.I am married with 4 dependants and I want to claim 8, I make about 4,000 a week. How much will be deducted?
Dear mam: Look at IRS Pub 15 for the tables your employer uses to withhold. The tables are near the back of the Pub and are based on your pay period i.e. bi-weekly weekly monthly twice a month etc. You may claim any number you wish to make the end of year numbers come out correct.





Another way to do this would be to go to www.hrblock.com and try their free calculator and indicate you have 8 kids and see the year end numbers. To do this you must have an idea of your YTD (year to date) numbers, wages and with holding and just project them to the end of the year.





This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled AgentI am married with 4 dependants and I want to claim 8, I make about 4,000 a week. How much will be deducted?
you make $4000 a week???????????


$248,000 a year?


and you are worried about how many dependents?


you file your W-4 as you are legally entitled to do, it is a legal document from IRS and fraudulent statements there could come back to haunt you


your personal exemptions for 2009 will be $21900, and if file married, jointly your standard deduction will be $11400, for a total of $33300, non taxable


if you can itemize greater than that, that will help, you have $1000 for each child credit which again reduces your tax bill


you have some limitations with that kind of income on your itemized deductions
IF you are married with 4 children you probably should be claiming about 5 allowances unless you have fairly significant itemized deductions. At your income you lose the Child Tax Credit and are hit with about $2,200 extra tax under the AMT.





Ignore the folks who say that 8 is illegal. They are obviously confusing withholding allowance with exemptions. If your income was much more modest, say under $100k or so, you could safely claim about 12 allowances on your W-4. Even at your income level with the loss of the CTC and picking up the AMT, 8 may be correct if you have about $20,000 or so in itemized deductions.





You can run the numbers here to see where you stand: http://www.PayCheckCity.com
4000 a week * 52 = 208000 per year


8 dependants at 10,000 deduction each = 128000 taxable income.


You still pay





7.5% social or so


2% medicare or so


28% FED on high end, and a little less on the rest. so about 24% average


5% state in MA anyway.


They will take out 51000 or so for the year, which is about 1000 a week
$4,000 a week--not a bad salary! In any case, since you have only 4 dependants, claiming for 8 will be illegal, and subject to prosecution.
Why would you want to claim 8???