If I claim zero allowances on form W-4, will I owe tax at the end of the year if I make about $27,000? I receive about four small bonuses throughout the year of $1,500 in which withholding do not appear to be taken out of my paycheck.

ANSWER

The BIDaWIZ Team's Answer:

We need more specifics regarding your tax filing situation. We would recommend that you complete the W-4 form calculator hosted by the IRS.  It will provide you with a sense of whether or not you will owe at the end of the year. As a general rule, the lower the amount of allowances you claim, which is zero in your case, the more likely you'll receive a tax refund at the end of the year. But, there are other factors to consider such as investment income and that fact that no taxes are being withheld from your quarterly bonuses.