What is the witholding number I need to change it to or do I just say exempt and change it back at the beginning of the year. What other way can I accomplish this?
2007-11-06 02:41:34 · 6 answers · asked by waggoner1307 1 in Politics & Government ➔ Law & Ethics
I only want to do this for the last three checks of the year. I know that I have to pay taxes and do.I just want them withheld for Christmas.
2007-11-06 04:54:38 · update #1
You just have to go exempt...like you said. You can really mess up if you do it for very long. You will be messing up any refund and you may even have to pay in. If you forget to change it back...you can really make some problems for yourself.
2007-11-06 02:46:13 · answer #1 · answered by my two cents 6 · 0⤊ 0⤋
If you are married with 2 kids you can put about 5 exemptions on your W-4 form. Ask your employer for a new one and read the instructions on it. Legally you are not allowed to put more than the calculated amount. If not enough is withheld there can be a penalty at tax time.
In order to have no taxes withheld no matter what you must meet the following rule. You must have had no tax liability last year and expect none this year. This is very rare and is usually only true for part time teens.
BTW: There is no way out of social security and medicare tax and state disability if it exists.
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2007-11-06 10:45:23 · answer #2 · answered by Barkley Hound 7 · 2⤊ 1⤋
Sorry, no getting around taxes! You can change your number of exemptions anytime you want. Less taxes will be taken out if you increase your number of exemptions. Claim 9 and you should keep your taxes to a minimum. But one way or another you will pay. When you file your taxes at the end of the year, you will have paid in less taxes and may have to pay more, or if you get a refund, it will be less than you would if you paid now.
2007-11-06 10:47:15 · answer #3 · answered by Denise P 4 · 1⤊ 1⤋
You cannot claim a complete withholding of taxes from your check unless you make less than $200 per week. What you can do is change your W-4 to gain the smallest deduction in taxes.
The maximum number of deductions you are allowed on a W-4 is 10. Please remember though that just because the taxes are not taken out of your check does not mean you do not owe them.
2007-11-06 10:54:11 · answer #4 · answered by catmandu99 1 · 0⤊ 1⤋
You have to have taxes taken out of your checks. Why do you think you don't have to?
2007-11-06 11:18:30 · answer #5 · answered by Flatpaw 7 · 0⤊ 1⤋
Submit a W4 with 20 deductions.
-MM
2007-11-06 10:43:57 · answer #6 · answered by Anonymous · 0⤊ 2⤋