I do not want to pay taxes every paycheck. How do I fill out my tax forms to make that happen?
Lines A-H confise me! Do I just claim full exemptions and deal with it at tax time?
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Do you mean that you want your employer to not take out your portion of the FICA? If so, the only way I can think of is to have them turn you into a contractor and mae you responsible for both the employer and employee portions of the tax.
There may be others who will have more knowledge of this, but I don’t think you can be an employee and legally not have the taxes taken out.
Tell your employer this. you will have to fill out new forms for the IRS.
I work for my family buisness and I am on the payroll and I have been reading a lot of get out of debt books and they all say get all the money you can throughout the year and than HOPEFULLY by the end of they year I will be in a better position and than can have savings set aside to handle the taxes. I have new forms and was just wondering how to fill it out because if I put 1 on line a i would assume it would just take standard dections? I am just confised on lines a-h lol
There is no way to avoid the payment of payroll taxes of your regular paycheck. Payroll taxes and withhholding taxes must be remitteted to Treasury according to whatever schedule has been given to your employer. This is serious stuff. The IRS can and will hold the employer liable for both its portion of the taxes as well as your portion. Moreover it is not just the owners who can be held liable it also applies to anyone who had the authority to calculate or prepare payroll tax liability.
As to withholding, you can take your exemptions up to married 9 and get some relief that way but you have to be careful that your withholding by year end is at least 90% of what you owe, in order to avoid penalties.
SRM
If you don’t want to pay taxes, work for yourself.Employers are required to withhold taxes from everyone who has to pay them.
@daloon There is something called self-employment tax….
People whose earnings are reported on 1099’s must remit withholding taxes quarterly.
The old line about the only things we can expect in life are death and TAXES is true.
You are mixing apples and oranges!
The payroll withholding that you are talking about is a prepayment on your Federal income tax liability and possibly a State income tax if you live in a State that has income taxes.
Depends on how you will file your taxes at year end. Is it just YOU? or are you married, children? etc. The BIG problem of not having any withholding is that it will BITE you at the end of year when you file your taxes! You will owe the government, possibly your State also, and may even have penalties to pay since the government(s) want their money during the year just like you want a paycheck biweekly/monthly/etc.
These are the only taxes you can ‘control’. FICA and your State Disability are mandatory withholding.
If you are in debt now, it WILL be worse come April if you do not have any withholding done now. I would discourage going ‘exempt’ which will get you NO withholding and is also lying to the government as you are NOT exempt: you do have taxes to pay!
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