2007-02-06 12:46:01 · 5 answers · asked by BURNO 2 in Business & Finance ➔ Taxes ➔ United States
No.
You got Bigger paychecks all year because of it. The fact that the withholding wasn't what you intended doesn't change the tax you needed to pay on.
It's just more painful when you have to cut a check, rather than when it comes out of your paycheck. You just don't NOTICE it when it's withheld, so it doesn't hurt.
But since you don't owe more money (meaning your total tax bill is the same - the only thing that's different is when and how you pay it) - so legally, there is no loss on your part.
Go and change your W4 right away, if you don't want a repeat performance next year.
2007-02-06 12:53:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sadly for you, probably not. You are responsible for checking during the year that your taxes withheld are in line with what you expect your tax liability to be. You had use of the money during the year, now you have to come up with some of it to pay the additional tax owed. Maybe if you have a kind-hearted employer, they would be willing to give you a pay advance.
2007-02-06 12:55:48 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
You are liable for your taxes on income earned. Whether the employer made a mistake is irrelevant. If not enough was withheld, then you owe the balance at the end of the year.
don
2007-02-06 12:54:59 · answer #3 · answered by loandude 4 · 0⤊ 0⤋
By law he has to give you an updated proper form and then you can file an ammended tax return. If he fails to do so you can report him to the IRS. If it's a large sum you may want to hire a lawyer.
2007-02-06 12:56:57 · answer #4 · answered by retyred2003 2 · 0⤊ 0⤋
This happened to me too a few years ago. There was nothing I could do about it. They said, it was my responsibility to double check it.
2007-02-06 12:55:24 · answer #5 · answered by 3dbob 2 · 0⤊ 0⤋