Or do I have to pay the whole lump sum, which I do not have? Please help me.
2007-04-10 15:40:06 · 7 answers · asked by maisher81 1 in Business & Finance ➔ Taxes ➔ United States
You don't want to screw with this. You need to contact them and make payment arrangments. They DO take out withholding already and maybe you need to make sure your exemptions are 0 so they take out the max amount. If things would get to the point your wages got hit, that'd mean they had taken aggressive action against you and you'd be in trouble. If your withholding is not enough, you need to get with your employer and have them take more out of your check.
2007-04-10 15:46:57 · answer #1 · answered by justbeingher 7 · 1⤊ 0⤋
There is a W4 withholding calculator on the IRS website. Google it, go there, and plug in your appropriate numbers for 2012. You're probably not going to be liable for any income tax unless you have other income sources which is why none is being withheld. Regardless, contact your HR Department. Have them check your federal and state W4 which you should have filled out when you first started working there. The W4 specifies your exemptions. Make sure it's correct. Feel free to ask them about your federal and state withholding while you're at it. It can't hurt. If everything is in order, I wouldn't worry about it unless you have other income sources in which case you can either specify on the W4 to withhold an extra amount each paycheck or make quarterly estimated payments so that you're not under withheld come tax time.
2016-05-17 07:17:35 · answer #2 · answered by susanna 3 · 0⤊ 0⤋
No they won't take taxes owed out of your paycheck as federal withholding if you owe money on your tax return this year.
But, what you can do is set up an online payment plan so that you do not have to pay what you owe in one lump sum! Here is the link http://www.irs.gov/businesses/small/article/0,,id=108347,00.html You need to fill out form 9465 which you can download from this link in order to do that. You may have to pay a one time set up fee of about $100 and have to pay interest on what you owe, but if you don't have all the money that you owe right now, it is a good alternative.
2007-04-10 15:49:54 · answer #3 · answered by MarineMom 6 · 0⤊ 0⤋
The money withheld from your paycheck this year goes toward 2007 taxes - there's no way to apply that to 2006. So you have to pay the lump sum or else set up a payment plan to pay the 2006 amount due.
2007-04-10 18:05:20 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
You have to pay the lump sum. The withholding from your paychecks is for 2007. If you owe a lot now, and you don't want to pay next year, you probably will want to change your withholding.
2007-04-10 15:49:03 · answer #5 · answered by JessicaRabbit 6 · 0⤊ 1⤋
Much worse than that,they charge ridiculous damages plus interest. Say you owed 100.00 and it dragged on for a few months, you would owe them 3 or 4 hundred dollars and they want it all right now! Been there, done that! Don't fool around with the IRS! And if you and they struck up a payment deal the interest would still pile up on the balance. Worse than credit cards.
2007-04-10 15:50:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
My dad used to tell me he couldn't make me do anything, but he could make me wish I had done something. I think the IRS won't "make" you pay your tax debt, but they will make you wish you had paid the full amount of tax due when it was due.
The sooner you pay the less interest and fines you will pay,, but sooner or later, you will pay.
Jo likes that because if you don't pay,, Jo won't get his welfare check and would not be able to buy gas for his Caddy.
2007-04-10 15:49:15 · answer #7 · answered by Jo Blo 6 · 1⤊ 0⤋