Those CBers who are smarter about money than me: what is the best way to see

Jan 18, 2022
12:33:37pm

mannheimadler All-American

The impact on my salary month to month if I list my kids on my W4 vs claiming them on my tax return instead?

I have four kids. Trying to understand what the monthly salary difference is. Is it a percentage or a set amount?

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mannheimadler

Previous username: TomZarek
Bio page: mannheimadler
Joined: Aug 27, 2009
Last login: May 17, 2022
Total posts: 12,254 (151 FO)

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Messages

Author

Time

Those CBers who are smarter about money than me: what is the best way to see

mannheimadler

Jan 18, 12:33pm

I would think the payroll department in HR can give you a more

BYU71

Jan 18, 12:36pm

The W4 just determines how much money your employer withholds. In the end your actual tax liability is going to be what

supertux

Jan 18, 12:36pm

We almost always get a large refund because they end up withholding more.

mannheimadler

Jan 18, 12:40pm

I see. If you follow the instructions for the W4 it should help you put the right amounts into the credits box

supertux

Jan 18, 12:46pm

Thanks, everyone!

mannheimadler

Jan 18, 12:47pm

Not sure I understand the question. Your kids should be listed on both.

Skeptical Optimist

Jan 18, 12:36pm

My HR department helped me fill it out because I don’t understand a lot of tax

mannheimadler

Jan 18, 12:38pm

Just take your refund, divide by 12 and that's how much more you would get month

BYUFootballisBack

Jan 18, 12:40pm

But all of my return isn’t based just on my kids, right? Isn’t some of it

mannheimadler

Jan 18, 12:41pm

Kids get you $2000 per eligible kid for the year

BYUFootballisBack

Jan 18, 12:42pm

Claiming the dependent just applies the child tax credit to your paycheck.

molodyets

Jan 18, 12:44pm

We have monthly paychecks. So that would be about $166 per month per kid then?

mannheimadler

Jan 18, 12:47pm

2000/12, yes

molodyets

Jan 18, 1:18pm

Ok, got it. As Supertux said above, the W4 is just a way to estimate how much

Skeptical Optimist

Jan 18, 12:49pm

Thank you! Exemptions is the word I was looking for. I couldn’t

mannheimadler

Jan 18, 12:55pm

Exemptions isn't even the right word anymore. They changed the W4 back in like 2019 and now instead of claiming

supertux

Jan 18, 1:00pm

I use the IRS calculator, but apparently it's down again, it was working just

BYUFootballisBack

Jan 18, 12:39pm

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