2006-11-05 16:06:45 · 2 answers · asked by acidpressure 1 in Business & Finance ➔ Taxes ➔ United States
Not necessarily. If you had no withholding for 4 months, but have worked enough to have earned in excess of $8450 by the end of the year (if you are single), then the question is how much will you owe in taxes versus how much gets withheld by the end of the year. If you project your earnings and calculate the tax that will be due and compare it to your withholding and you come up short, you can file a new W-4 form and request extra withholding from your remaining checks to make up the difference. The IRS treats amounts withheld as if the money were paid in evenly over the whole year. In this way, if you make up any shortfall in withholding before 12/31, you can legally avoid any penalties or interest for under withholding.
2006-11-07 06:45:02 · answer #1 · answered by Andreas 3 · 0⤊ 0⤋
Not real sure what you're asking. If you're saying that you filled out your W-4 saying exempt, but really aren't: if you owe at the end of the year, you might be subject to penalties and interest depending on how much you owe.
2006-11-06 02:03:08 · answer #2 · answered by Judy 7 · 1⤊ 0⤋