I have no problem paying taxes on it, I just need as much of the full amount right now. Is there a form to fill out? Do I just need to update my W-4 with something like 15 dependents?
2007-11-12 07:06:06 · 6 answers · asked by Virtualk 1 in Business & Finance ➔ Taxes ➔ United States
The check has NOT been made out yet. It is a settlement for 3 years of no lunch breaks for my job. I still need to sign the release, but I wanted to see if there was a way to reduce the amount of fed. taxes that are taken out of it. I currently claim married and 6 on my W-4.
2007-11-12 07:24:00 · update #1
The check is a settlement from 3 years of not being paid a lunch break. The check has not been made out yet, I need to sign the release. I realize that I'll have to pay taxes on the full amount, but I would rather wait until April '08 to do so. I currently claim married and "6" on my W-4. Is there a way to get LESS federal taxes taken out of the entire amount?
2007-11-12 09:24:28 · update #2
the payment you describe is a supplemental WAGE payment, and tax withholding is MANDATED BY LAW. It is the same as any other paycheck, except that it is being paid in a lump sum.
2007-11-12 07:56:07 · answer #1 · answered by Mike 7 · 1⤊ 0⤋
some good suggestion, yet an incredible style of incredibly undesirable suggestion jumbled jointly there. there are difficulty-free the thank you to end what you're attempting to do, however the guidelines remember on despite the fact that in case you're a sole proprietorship, partnership, or S organisation (i'm constructive you're actually not a C organisation). once you're a partnership (which you would be in case you in elementary terms "desperate to into organisation jointly" yet did no longer record something), your earnings from the partnership that flows by using on schedule ok-a million is seen to have been dispensed on the final day of the partnership tax twelve months. you may wait until eventually the final quarter to make the expected fee on the partnership earnings. With a partnership, you're taxed on your share of partnership earnings in spite of despite the fact that if this is dispensed to you. on the turn ingredient, you're actually not taxed on partnership distributions (except total distributions circulate above foundation). In different words, you may take money out of the partnership yet that often won't impression your tax duties. once you're an worker of an S corp, you have a provision the place withholding is seen to have been withheld gently for the duration of the twelve months, so which you additionally could make a great withholding fee the final quarter. don't be silly. I see people for all time that intend to make that commonplace bonus verify even greater by using deferring the withholding. those people continuously get into difficulty at tax time. What makes you think of you would be greater annoying to pay the taxes six months from now? Get expert help. With a partnership or different organisation entity, you're soliciting for a disaster flying by using the seat of your pants.
2016-10-16 06:41:24 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Send a Quarterly Estimate by January 15, 2008.
Total your wages with it and calc the tax due, less what you have already paid in 2007.
If you miscalc, the balance will be due on April 15, 2008.
There will be no penalties since you paid more than the min to meet last year, 2006.
The last quarterly estimate was due on Sept. 15, now passed.
NO need to change your W4.
2007-11-12 07:14:36 · answer #3 · answered by ed 7 · 0⤊ 1⤋
A check for this amount will probably come with taxes already taken out.
** Note: This is a general discussion of the subject matter of your question and not legal advice. Local laws or your particular situation may change the general rules. For a specific answer to your question you should consult legal counsel with whom you can discuss all the facts of your case. **
2007-11-12 07:13:45 · answer #4 · answered by scottclear 6 · 1⤊ 0⤋
yeah or maybe exempt. the most you can claim without someone reporting you to the IRS is like 9. I think that if you claim 10 you get reported. (dependents)
if check is on the way, taxes are already gone most likely.
2007-11-12 07:15:18 · answer #5 · answered by Anonymous · 0⤊ 1⤋
This will be catagorized as back wages so you will get the after tax portion and your question will become a non-issue.
2007-11-12 07:35:45 · answer #6 · answered by Anonymous · 1⤊ 0⤋