I Heard That You Can Claim Tax Exemption For A Few Paychecks A Year. Is This True? Will The Money That Is With Held During The Year Be Deducted From My Annual Tax Return?

Fr_Chuck

Money that is paid in for your taxs are used when you file your annual income taxes. Your W2 that the company gives you will show how much you earned, and all of the dedctions for that year.

From there you have to decide from other facters , how you file.
Often you will pay in more money or have earned income credits that allow for you to get a refund check. Other times if enough is not held out, you will owe money.

Normally your payroll department is not going to want you to change your tax status from what is the proper status for your situation.

I am sure Atlanta Tax Expert will give some more professional view points, but you need to compare back to previous years as to what you need your withhondings to be.

AtlantaTaxExpert

There are no exempted paychecks. As Fr Chuck noted, the withholdings from your paycheck are estimates of what you will owe in taxes when you file at the beggining of the year following your tax year.

Most people over-withhold (giving both the U.S. and state governments interest-free use of their money for at least several months). The smart money management strategy is to PAY just under $1,000 when you file your return on April 15th. That way, you get to keep your money as long as possible without paying an under-withholding penalty.