Is it my fault if my W-4 is correct and they just did not take out enough money?
2007-01-14 05:26:02 · 9 answers · asked by Roch 2 in Business & Finance ➔ Taxes ➔ United States
This means that I owe the government money.
2007-01-14 05:31:27 · update #1
Immediately fill out a W-4 form again. Have extra money taken out of your check, so when the end of the year comes along you should be in good shape. Call the IRS tomorrow and set up a payment plan to pay back the money you owe the government. They are usually very friendly and will ask you what you can afford to pay back each month. Don't say more than what you can afford to stay on track with your living expenses. You MUST pay religiously every single month, or what you owe will go into default. If this happens the government will demand the balance be paid in full immediately.
2007-01-14 05:35:30 · answer #1 · answered by SOCKIONE 1 · 0⤊ 0⤋
You will end up paying taxes. It was their fault but you are still responsible for the taxes owed to the goverment. I would go to your Payroll Department and ask them to rectify the error so they will start collecting the taxes correctly for your earnings. For the past taxes I would say that's said and done. If they didn't take enough to cover what you owe most likely you will not get a refund and will end up owing money to the IRS. If so, and you do not have the money to pay for it all at once they are pretty good at setting up instalments or monthly payments. Good luck!
2007-01-14 05:31:19 · answer #2 · answered by Jessica G 2 · 0⤊ 0⤋
It is your responsibility to make sure that enough withholding is being taken out, not your employer. It is your employer's responsibility to make sure that they are withholding in accordance to the Form W-4 you submitted. If your employer is withholding according to your W-4, it isn't their fault if the withholding is not enough to cover your tax liability.
One thing to remember is that the withholding tables, using withholding allowances, is calculated on the assumption that you are claiming standard deduction and normal exemptions, and does not account for credits such as the earned income credit or the child tax credit. Also, when you are using the married withholding tables, it is on the assumption that it is a single income family. So if you are filing married with x exemptions and your spouse is also using married with x exemptions on his/her W-4, you will end up being underwithheld.
2007-01-14 06:02:25 · answer #3 · answered by jseah114 6 · 1⤊ 0⤋
ok, now it truly is time someone who actual is known with about taxes solutions your questions.... i'm not confident in case you mis-typed the quantity of Federal tax you had withheld notwithstanding evidently like $$5.seventy 4 ought to that be $40 5,seventy 4???? IF the federal quantity withheld replaced into actual $40 5.seventy 4 then you actual are transforming into in basic terms sufficient withheld on your filing prestige (unmarried)...in case you seem on the tax tables interior the 2008 instructions for the 1040 and 1040A tax returns, you'll discover the tax fee for $475 is $40 9... notwithstanding, you should deduct some on your federal exemption and usual deduction (that you'll not truly do until eventually you document a tax go back) and it brings the quantity you need to be having withheld to round $40 5.00 for federal....you received't get an truly tremendous refund on the right of the 12 months, notwithstanding, you received't ought to pay any better Federal or state taxes once you document your state and federal tax returns.
2016-11-23 17:59:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
fault is irrelevant. you owe the taxes irregardless. however, to prevent a future problem, make sure your w-4 is correct, and count on paying 28-30% of your income on taxes. look at your next paystub, make sure that amount is paid to taxes. if not, open a separate account and put the money aside for next year a week at a time so you aren't strapped at tax time.
2007-01-14 05:33:00 · answer #5 · answered by shar71vette 5 · 0⤊ 0⤋
Ultimately, you are responsible for any taxes owed. You can complain to your company, but the IRS doesn't care.
Change your withholding amount now, just you you don't get burned next year.
2007-01-14 05:30:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
This means that you owe the government money---Yes. Talk to someone--I think if you claim one less dependent, you should come out ahead.
2007-01-14 05:53:06 · answer #7 · answered by old_woman_84 7 · 0⤊ 0⤋
Screw it,....keep the extra cash and buy you a Beer.
2007-01-14 05:30:07 · answer #8 · answered by Anonymous · 0⤊ 0⤋
None. It is your problem, not your employer's.
2007-01-14 06:46:41 · answer #9 · answered by Wayne Z 7 · 0⤊ 0⤋