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The employee will have to check with state and local taxing agencies to find out how this exemption works in those jurisdictions.
Income tax withholding exemption. In addition to the withholding tax exemption that a taxpayer may claim for himself or herself a taxpayer may also be entitled to claim a withholding tax exemption for his or her spouse as well as any qualified dependents. To be exempt from withholding both of the following must be true. If you re an employee your employer probably withholds income tax from your paycheck and pays it to the irs in your name. You pay the tax as you earn or receive income during the year.
You expect to owe no federal income tax in the current tax year. And without paying tax throughout the year you won t qualify for a tax refund unless you qualify to claim a refundable tax credit. What is tax withholding. So if your total tax.
The federal income tax is a pay as you go tax. If your income can be canceled out by allowable tax deductions leaving you with no tax liability you can elect to be exempt from federal withholding said ben watson a certified public accountant and personal finance expert at dollarsprout. The claim of exemption for federal income taxes has nothing to do with the employee s state income tax and local tax withholding.
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