2007-07-20 12:23:21 · 7 answers · asked by Captain H 1 in Business & Finance ➔ Taxes ➔ United States
No, withholding is not optional.
Title 26, Subtitle C, Chapter 24, § 3402
(a) Requirement of withholding
(1) In general
Except as otherwise provided in this section, every employer making payment of wages shall deduct and withhold upon such wages a tax determined in accordance with tables or computational procedures prescribed by the Secretary.
http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00003402----000-.html
2007-07-20 13:50:48 · answer #1 · answered by NGC6205 7 · 2⤊ 0⤋
Questions is far too vague and we could spend a half hour writing such a response. Suggest you seek advice from http://www.irs.gov and your state tax departments. Aka are you self employed. How much do you make. Do you have kids, do you have a house, is it beneficial for you. There are 10k reasons and 10k answers. Again, the question is too vague. It will depend on the situation. Sorry can't be of more help. We have state tax links on our site.
Thank you. I remain
Sincerely,
Wayne Barney
President
BC Business Services, Inc.
Quality Financial Services Since 1994 with Clients in over 25% of the United States.
1877-343-5147 Toll Free
http://www.bcbsinc.com
email: info@bcbsinc.com
1 second ago - Report Abuse
2007-07-23 23:02:43 · answer #2 · answered by Info@bcbsinc.com 2 · 0⤊ 0⤋
They are not optional. As an employee of a firm, you are required to withhold in an amount sufficient to pay 1/26th of your expected tax liability at the end of the fiscal year, assuming you are paid 26 times per year.
2007-07-20 19:27:19 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
No, they aren't optional. The system is pay-as-you-go, or actually pay-as-you-earn. When you file a W-4 claiming a certain number of allowances, you sign saying that under penalty of perjury the information is accurate as you know it.
If you file a false W-4, you can be fined, and/or have to pay a penalty when you file your return even if you pay everything you owe with the return.
2007-07-20 19:34:32 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
Federal is definitely not optional, State is only optional if you live in a state that doesn't have state tax, such as Nevada.
2007-07-20 19:32:21 · answer #5 · answered by CJ 3 · 0⤊ 0⤋
I'm pretty sure they arn't optional but if you want more of your money now you can always claim yourself on your w-4... and if you have children or a spouse you can claim them as well... i claim no one on my taxes and then get back more money at the end of the year. some friends of mine go about it the other way and pay in at the end of the year... so that's all i know. if you really want an answer talk to someone at H&R block they could tell you.
2007-07-20 19:29:05 · answer #6 · answered by Anonymous · 0⤊ 3⤋
no
2007-07-20 19:32:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋