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Tax exemption questions

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Money Talk > Taxes

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bobdob
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Tax exemption questions  Reply with quote  

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.
Post Sun Jul 30, 2017 6:07 am
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viditagarwal
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Location: Harrow(UK)
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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:

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Post Tue May 22, 2018 10:46 am
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