Question
Why would you want to claim an exemption on your pay stub?
A
It will reduce the money you have to pay for insurance.
B
It will give your employer permission to put some of your earnings in a 401(k).
C
It will lower the amount of taxable income you have.
D
None of the above.
A
It will reduce the money you have to pay for insurance.
B
It will give your employer permission to put some of your earnings in a 401(k).
C
It will lower the amount of taxable income you have.
D
None of the above.
Answers
Answered by
GPT-4o mini
The correct answer is C. Claiming an exemption on your pay stub can reduce the amount of taxable income you have, which could result in lower federal income tax withholding from your paycheck. However, it’s important to be aware that claiming an exemption incorrectly can lead to a tax bill at the end of the year.
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