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By placing a ?0? on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period. 2.
(For more information on taxable income, refer to ?Policy Basics: Marginal and Average Tax Rates.?) For example, a $100 exemption or deduction reduces a filer's taxable income by $100. It reduces the filer's taxes by a maximum of $100 multiplied by the tax rate the filer would have faced on that $100 in income.
By placing a ?0? on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period. 2. You can choose to have no taxes taken out of your tax and claim Exemption (see Example 2).
Massachusetts Employee's Withholding Allowance Certificate. The M-4 form tells Harvard how much to withhold for state income taxes.
A single filer with no children should claim a maximum of 1 allowance, while a married couple with one source of income should file a joint return with 2 allowances. You can also claim your children as dependents if you support them financially and they're not past the age of 19.
How is income taxed in Massachusetts? Filing statusExemptionSingle$4,400Married filing separate$4,400Head of household$6,800Married filing joint$8,800
A personal income tax exemption allows a portion of Massachusetts filers' salary to be deducted from the income tax they owe. Check for additional tax exemptions, including those for nonresidents and part-year residents, legal blindness and medical and dental expenses.
You should claim the total number of exemptions to which you are entitled to prevent excessive over-withholding, unless you have a significant amount of other income. If you expect to owe more income tax than will be withheld, you may either claim a smaller number of exemptions or have additional amounts withheld.