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Posted by Golden California Girls on October 23, 2006, 1:54 am
Please log in for more thread options TKnTexas wrote:
> The number of dependents is one way for a person to control the amount
> of Federal tax withheld. A single person with a big mortgage might
> claim 6 dependents, having none in reality. I think if an employee
> claims more than 10 you have to send a copy in to IRS, or Social
> Security Administration. Just like a head of household claiming zero
> exemptions because they need more tax taken out of his checks.
The send it in ten rule went away last year. The IRS now uses a computer check
to be sure the worker is paying enough. Employer will get a letter if enough
isn't being collected in advance.
> Back in the early 80s a coworker claimed 99. He took the extra money
> and invested it. He filed his tax return as soon as the W2s were ready
> and paid his taxes in full. The IRS doesn't want this happening. So
> hence the rule for dependents claimed exceeding 10.
Yes, if everyone paid on April 15, the US would be bankrupt. Net 365, what a
concept.
> TK
>
>
> Golden California Girls wrote:
>> GoBruins wrote:
>>> GoBruins wrote:
>>>> hi, i have a simple payroll question:
>>>>
>>>> is it possible for an employee to voluntarily change the number of
>>>> withholdings in the middle of the year?
>>>>
>>>>
>>>> thanks in advance.
>>> oops, i mean 'change the number of dependants claimed' in the middle of
>>> the year.
>> IIRC they can do this every day if they want to. All they do is hand you
>> another W-4 and you must abide by it unless the IRS has sent you a notice,
then
>> you do what the notice says.
>
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