Are dependents the same as exemptions in tax forms? I had 10 dependents, so that's 10 exemptions? ?

Question

I had 10 dependents on my paystub. Did that number come from the form I filled out at the beginning of my employment about calculating the number of exemptions? I am married with two children. Is it right?

Answer 1

Yes the number came from the W-4 form you filled out. You can fill out a new form and change it.

You can have more allowances on your W-4 than exemptions on your tax return since allowances can be for other things than people, but that sounds very high.  There are four people, so that's four - and if the kids are under age 17 and your income fits the guidelines, you could claim two extra for each kid because you'll be getting a child tax credit for them, so that would be 8.  If you have additional credits, you could add allowances for those.  The total allowances should be split between you and your spouse on your W-4's if he is working,

Unless you are eligible for some large credit like EIC, you are probably claiming way too many and will end up owing when you file your tax return.

Answer 2

Allowances on a W-4 are not necessarily the same as exemptions on your 1040.  It could vary according to tax deductions or credits.

But you better review the W-4 form and instructions, because if you claim too many allowances and owe more than $1000 when you file, you may be subject to underwithholding penalty, and possibly a fine if you claimed way more W-4 allowances than you should have.  Assuming your husband works, pay attention to the "Two-Earners/Multiple Jobs Worksheet" on the back of the W-4.

Answer 3

Paystubs do not list the number of dependents.  The number is actually the number of allowances, which comes from the Form W-4 that you were supposed to submit when you were hired.

Ten (10) is too high for a person with only two children.  If the amount withheld is being based on 10, you will owe a large amount of money when you file your return sometime between 1/1 and 4/15, and may also owe penalties.  

You should immediately download a new Form W-4 from http://www.irs.gov, enter the correct number of allowances, and give it to your employer (do not file it with the IRS).

You should also download Form 1040-ES, calculate the amount that you will owe, and pay it by September 15, so as to only owe penalties for not having sufficient amounts withheld by April 15 and June 15, respectively, and not owe penalties for not having sufficient amounts withheld by September 15 and the end of the year, respectively.

Answer 4

On paystub, you don't have dependents; it is allowances as claimed by you on W4.

There are stick requirement that you must meet to claim a dependent. Read:  http://taxipay.blogspot.com/2008/03/requ...