On My W-4 Tax Form, Should I Claim the Amount 1 or 0?

Your tax filing status should determine the total amount of exemptions you may claim to be exempt from paying taxes (married, single, head of household, dependents, etc.). On the other hand, understanding whether you should claim 1 or 0 on your W4 tax form relies not only on how much money you want in your hands each time you are paid but also on how much of a tax burden you are ready to deal with when it comes time to submit your taxes.

If you report zero federal withholding allowances instead of one on your W 4 tax form, you will get less money in each paycheck, but your tax liability at the end of the year is likely to be lower as a result of this change. If you claim option 1, you will have more money coming into your bank account each week, but you will almost certainly have to pay more in taxes come april.