Posts: 1
Joined: 30 Jul 2017
Location: United States
Tax exemption questions
New to the Forum, and excited to start taking control of my Finances!
Could someone please break down something for me.
On my Leave and Earnings Statement (LES) I claim ,
Married and have 1 exemption. I have 2 children now, so I should probably change that to 2 children.
Last tax return I received almost $7500, it helped because my son was born Dec. 29, just barely made the 2016 Tax Season!
How can I greatly reduce the amount in which I receive as a return, and increase my pay checks?
I feel like i would rather have more money per paycheck investing into my retirement plan than getting a $7500 dollar check that i'm just tempted to buy fishing gear with anyways, lol.
My base pay is $3052.50 every month, this is my taxable income.
My monthly Federal taxes $221.40 every month, never changes.
So i currently get back my full Federal income tax withholding, plus a few thousand extra.
any thoughts would be much appreciated.
Sun Jul 30, 2017 6:07 am
viditagarwal Member
Cash: $ 3.60
Posts: 17
Joined: 03 May 2018
Location: Harrow(UK)
Tax exemption is a monetary exemption which reduces taxable income. It’s come in many forms, but one thing they all have in common is they either reduce or entirely eliminate your obligation to pay tax. Here you can find different tax exemption for different forms:
