How do I temporarily stop withholding from my paycheck?

Question

I got a big refund last year and would like to have a little extra cash now. How do I temporarily stop my withholding for 2-3 pay cycles?

Answer 1

You need to fill out a new w4 with your new withholdings, and then another w4 to reset them when you want the withholdings to go back to the original settings.

Some payroll departments are not open to allowing multiple w4 changes for what you are looking to do.

Answer 2

The short answer is to increase your exemptions on your W-4.

However, you should be asking, "what is the right amount of exemptions that I should be claiming?"

You should claim one exemption for every $3400 in deductions that you plan on having for the year. Use last years taxes as a guide. Be sure to include any deductions that are taken out pre-tax like health insurance, 401(k) and flexible spending accounts.

Since it's June and by the time your payroll department makes the change (within a month), you can safely double the amount of exemptions for the rest of 2007. Be sure to file a new W-4 after Thanksgiving so you have enough tax withheld for 2008.

Answer 3

No. You can't stop withholding of social security and medicare, and can't legally stop withholding of income tax if you'll owe any. If you'll end up with a big refund, you can adjust your W-4 to cut back what's withheld - remember that amount will then come out of your refund.

Answer 4

You can't. What you can (and should) do is to increase the number of withholding allowances on your Form W-4. That's the proper way to proceed.

Your employer is not allowed to refuse a valid Form W-4 request. You can legally file a new one every day if you wished. The employer is required to use the most recent one on file when preparing your paycheck.

Answer 5

Change your W-4 to claim more allowances, then change it back. They'll still take the same for social security and medicare, but will withhold less or no income tax.

Answer 6

File an amended W-4 with the payroll department at your place of employment.

Answer 7

I don't think you can just stop withholding taxes, it doesn't work that way. But you can adjust how much is being deducted. Talk to your employer.

Answer 8

You can't. You need to refigure your w-4 to have less tax withheld each week.

Answer 9

You have to fill out the form where you claim your dependents and, instead of writing a number, write EXEMPT, but don't forget to go back and make the changes after the third pay period.

Answer 10

change your w-4