2007-06-21 14:07:15 · 9 answers · asked by CEDRICK H 1 in Business & Finance ➔ Taxes ➔ United States
Lots of luck with that. Let us know what the IRS says.
2007-06-21 14:10:52 · answer #1 · answered by Anonymous · 0⤊ 2⤋
They'll withhold social security and medicare no matter what you put on your W-4.
If you put a high number of allowances, they wouldn't withhold much if anything. The number would depend on your income from that job for that pay period, and how often you're paid. Be very careful here - if you don't have enough withheld for the year, you'll pay penalties when you file your taxes in addition to whatever tax you owe, even if you send all the money in with your return.
2007-06-21 14:11:48 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
From the Form W4 instructions:
Exemption from withholding. If you are exempt, complete only lines 1, 2, 3, 4, and 7 and sign the form to validate it.
This would mean completing your Name, Address, SSN, then writing 'EXEMPT' on line 7 before signing the form.
By doing this you will not have any FIT or SIT withheld from your check, but all of the Soc. Sec., M.Care, and any state disability or unemployment insurance will still be withheld.
Please note, if you claim exempt and have no taxes withheld, but actually do owe at the end of the year, the IRS will assess underpayment penalties on your return.
2007-06-22 03:30:38 · answer #3 · answered by S. M. 3 · 0⤊ 2⤋
Even if it is legal, it's probably not possible. Your employer has a "reasonable time" to make the changes to your withholding when you submit a new Form W-4. Generally a "reasonable time" is 2 pay periods but could be more. So, if you're paid every 2 weeks, it can take up to a month for the change to kick in.
At any rate, even if income taxes are not withheld, Social Security and Medicare will ALWAYS be withheld regardless of what you put on Form W-4
2007-06-21 16:28:34 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 2⤋
Dream on -
The number of deductions and such would be so ridiculously high - you would be looking at major audits, not too mention the IRS giving your boss a call
2007-06-21 14:09:56 · answer #5 · answered by Mike Frisbee 6 · 0⤊ 2⤋
If you claim more than 9 dependents your company must notify the IRS of that change. They'll be looking at your tax situation very closely.
2007-06-21 14:13:41 · answer #6 · answered by Angie 6 · 0⤊ 3⤋
We all need that, there is just no way to do it, legally.
2007-06-21 14:10:22 · answer #7 · answered by T C 6 · 0⤊ 0⤋
Dont fill one out,and dont sign it.Read the fine print.Its Voluntary!!
2007-06-21 14:43:48 · answer #8 · answered by reikigirl8 3 · 0⤊ 5⤋
not sure if you can do that......
2007-06-21 14:10:22 · answer #9 · answered by Anonymous · 0⤊ 0⤋