6. !!!Consult your tax person if you're not sure, before you'd end up in a worse situation and in debt to Uncle Sam!!!

5. IF YOU PLAN TO DO THIS, YOU NEED TO BE SMART ABOUT IT. KNOW THE CONSEQUENCES AND FOR HOW LONG YOU CAN AFFORD TO CLAIM THE EXEMPTION BEFORE YOU END UP OWING MORE THAN YOU WILL BE ABLE TO PAY TIMELY AT TIME OF FILING YOUR TAXES.

4. When you owe taxes and can't pay them at the time you file, IRS will penalize you with interest. (Starting at 2% penalty and all the way to 20% penalty based on how late your payment would be + daily interest)

3. What is the fine? Well, if you claim exempt for the entire year, but based on your status you should actually be paying taxes, you will owe all of that when you go to do your taxes.

2. On your W-4 the verbiage states that under "under penalties of perjury" you claim that the information is accurate to the best of your knowledge. Which means you can get fined if incorrect.

Please stop giving people incomplete and inaccurate worded information.Here's how this works:
1. You can claim exempt on your W-4 (not W-2). W-4 is the form you'd receive to update your withholding status. A W-2 is what you receive at year end.

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