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Re: Question (Reply to this comment)
by Arthur.Rubin
You wrote:
The new payroll company would not allow me to claim additional exemptions without listing a name and SSN for the exemption. Is that illegal?
Yes, unless they've been instructed otherwise by the IRS. See my review at http://www.epinions.com/content_1293131908 for a general discussion. Specific references to publications 15 and 505, and the form W-4 instructions may also be helpful.
A possible exception can be found in publication 15.
Invalid Forms W-4 Any unauthorized change or addition to Form W-4 makes it invalid. This includes taking out any language by which the employee certifies that the form is correct. A Form W-4 is also invalid if, by the date an employee gives it to you, he or she indicates in any way that it is false. An employee who files a false Form W-4 may be subject to a $500 penalty
However, from publication 505:
Alternative method of figuring withholding allowances. You can take into account most items of income, adjustments to income, deductions, and tax credits in figuring the number of your withholding allowances. Because the Form W-4 worksheets use a simplified method to take these items into account, they do not always result in withholding that is exactly equal to the tax you will owe. You do not have to use the worksheets if you use a more accurate method of figuring the number of withholding allowances.
Of course, the tax code and regulations override anything in the publications, but that paragraph from publication 505 should go a long way toward convincing them, if you only give them the W-4, without any of the worksheets.
Good luck!
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Apr 22 '02
10:51 am PDT
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Re: Hey! (Reply to this comment)
by Arthur.Rubin
Sorry about not distributing the information more quickly and to more people. I'm hosting the write-off, but it was Laura's idea, and she has the contacts (or at least more of the write-off web site locations than I do).
I received your extension...I'll check the postmark date and get back to you.
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Apr 22 '02
9:22 am PDT
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Great Review (Reply to this comment)
by stroupis
What a great, easy-to-read review on a topic that is usually so hard to understand. Sound advice for those who already follow it, and those of us who do not.
Sarah
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Apr 18 '02
12:54 pm PDT
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Re: I am continually . . . (Reply to this comment)
by remnjava
I chose not to recreate last year's fiasco, where I paid a $75 fine in addition to over one paycheck's additional taxes owed, all because a fund manager decided to stick me with capital gains on December 15.
Carol
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Apr 18 '02
7:26 am PDT
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I am continually . . . (Reply to this comment)
by gungian
. . . amazed at the number of folks who orchestrate huge refunds.
You are smack on - this is not sound financial planning.
Nicely done.
Write On!
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Apr 17 '02
10:25 am PDT
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Hi Bryan! (Reply to this comment)
by remnjava
Comments finally opened and I remembered one additional question. You mentioned that folks could sit down and write out a check for their taxes? I wonder how much the average check was for and how taxes have escalated over the past 60+ years?
Thanks again,
Carol
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Apr 17 '02
8:24 am PDT
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The previous (Reply to this comment)
by remnjava
comments don't seem to want to open for me. I can't tell what others have already written.
Your review is nice, in theory. Last year, even though I lost money in my mutual funds, I had to pay over one paycheck's worth, because of capital gains. Paid in the previous year, somewhat heavily, too.
Last year had them withhold enough so I was assured of a refund, hopefully. Enough to pay for three home improvements worth, it turned out. My brother would agree with you, and has paid in each and every year.
And yes, I've had them dun me for penalties, for not paying enough throughout the year, years past.
Do you have any suggestions where I could salt away $2,000 for a new furnace for 6-12 months, and earn more than 1-2%?
Thanks, nice review,
Carol
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Apr 17 '02
8:21 am PDT
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Of course... (Reply to this comment)
by jay1051971
...you forgot one other insidious reason the government forces employers to withhold...
It makes it easier for the government to hide just how much they are taking in taxes...
Ask the average person ho wmuch he paid in taxes, and 10 to 1, you'll get a response like "I'm not paying anything. I'm getting some back!"
The income tax is IMMORAL.
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Apr 16 '02
7:06 pm PDT
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Hey! (Reply to this comment)
by jay1051971
How come I wasn't informed about this write off?!?!
I guess I can file for an extension!
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Apr 16 '02
7:01 pm PDT
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The one thing that I think you forgot... (Reply to this comment)
by sleeper54
...to mention was making sure you have the discipline to use the increased number of dollars that now come with each paycheck in a prudent fashion. The first being to make sure they have sufficient dollars set aside for the following April 15th.
Which may seem like an obvious thing to do. But with many families and individuals living on tight or tighter 'margins', there is certainly less room for 'error'.
But I am sure that topic is covered in another of your reviews...:-)
This one is VHelpful indeed !!
sleeper54
felines of epinions now showing at my user page
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Apr 16 '02
4:31 pm PDT
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My Thanks (Reply to this comment)
by PhoenixFlight
for giving me valuable insight into this subject.
Robert
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Apr 16 '02
1:19 pm PDT
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