Re: income tax - recommended resources?
Originally Posted by rebs
(Post 6327090)
quick question, please...
who determines the withholding? is that something we decide and then tell HR? or will HR automatically determine how much based on what they know of our circumstances? IF we did nothing, does that mean no tax would be withheld and we would be liable for any amount we owed IRS at the end of the tax year? |
Re: income tax - recommended resources?
Originally Posted by dakota44
(Post 6328481)
The withholding is based on what information you provide as regards deductions for married and children.
If we move over in July, my understanding is that we won't file a tax return until next April, by which time we could presumably owe loads if we've not been withholding along the way.... I guess what I'm trying to understand is how to get things set up initially... |
Re: income tax - recommended resources?
Originally Posted by rebs
(Post 6329553)
Who would we provide those details to? would that be employer's HR dept or IRS?
If we move over in July, my understanding is that we won't file a tax return until next April, by which time we could presumably owe loads if we've not been withholding along the way.... I guess what I'm trying to understand is how to get things set up initially... Yes...come April you could be in deep shit if you do not have enough tax withheld. |
Re: income tax - recommended resources?
Aaaah, now I think I understand.....
So, if you're cautious about projected deductables at the point of giving that info to the employer, then the amount withheld is likely to be greater than the tax due come April when the actual deductables are known for sure... |
Re: income tax - recommended resources?
1 Attachment(s)
Originally Posted by rebs
(Post 6329617)
Aaaah, now I think I understand.....
So, if you're cautious about projected deductables at the point of giving that info to the employer, then the amount withheld is likely to be greater than the tax due come April when the actual deductables are known for sure... |
Re: income tax - recommended resources?
Originally Posted by rebs
(Post 6329617)
Aaaah, now I think I understand.....
So, if you're cautious about projected deductables at the point of giving that info to the employer, then the amount withheld is likely to be greater than the tax due come April when the actual deductables are known for sure... |
Re: income tax - recommended resources?
Originally Posted by rebs
(Post 6329553)
Who would we provide those details to? would that be employer's HR dept or IRS?
If we move over in July, my understanding is that we won't file a tax return until next April, by which time we could presumably owe loads if we've not been withholding along the way.... I guess what I'm trying to understand is how to get things set up initially... This link might help too; the IRS Withholding Calculator You also asked "IF we did nothing, does that mean no tax would be withheld and we would be liable for any amount we owed IRS at the end of the tax year?" If you under-withhold, there is a penalty. |
Re: income tax - recommended resources?
Originally Posted by meauxna
(Post 6329944)
As said, you complete Form W-4 and give it to your HR/payroll department. You can change the amount of withholding any time in the year but completing a new form for them. Many of us have done the switcheroo when there is a bonus or other abnormal income event.
This link might help too; the IRS Withholding Calculator You also asked "IF we did nothing, does that mean no tax would be withheld and we would be liable for any amount we owed IRS at the end of the tax year?" If you under-withhold, there is a penalty. |
Re: income tax - recommended resources?
Originally Posted by dakota44
(Post 6329995)
Best advice of all...DO NOT **** WITH THE IRS. They'll get you in the end. And you will NOT enjoy it.
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Re: income tax - recommended resources?
Originally Posted by meauxna
(Post 6330242)
While I agree with you 100% I'm trying to see if there was something in my post you object to & consider ****ing with the IRS or not. :confused:
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