3 ms·

So how can I request $0 withholding?

by grandalf 12y ago

raldi 12y ago
If you underwithhold several years in a row, you get hit with fines and retroactive interest.
- grandalf 12y ago
  I'm aware of that but my point is that most employers would not allow that since the employer is also liable if it under-withheld for a W2 employee.
  - sfont 12y ago
    The employer is only liable for the Medicare/SS withholdings. Half of them are deducted from your check and the employer pays the other half out of pocket. As long as you're being paid as an employee you have no control over that. The employer will only withhold and send income taxes based on what you've specified on your W-4.
  - raldi 12y ago
    So it sounds like we're in total agreement.
  - dragonwriter 12y ago
    > I'm aware of that but my point is that most employers would not allow that since the employer is also liable if it under-withheld for a W2 employee. AFAIK, they aren't liable for under withholding if they withhold correctly according to the W-4 signed by the employee, even if the W-4 claims things (e.g., "exempt" when the employee does not meet the qualifications) that are not accurate.
dogecoinbase 12y ago
It doesn't follow that because you are responsible for specifying the withholding, that you can request an arbitrary withholding.
expando 12y ago
Yep! You'll just have a gigantic bill come due in April
dragonwriter 12y ago
> So how can I request $0 withholding? Submit a signed W-4 [0] to your employer with the word "Exempt" on Line 7. Of course, by doing so you also certify that you are actually meet the legal requirements stated on the form for $0 withholding, under penalty of perjury, so you obviously should only do it if, you know, you actually qualify for it. But that's how you do it. [0] http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.irs.gov/pub/irs-pdf/fw4.pdf
phonon 12y ago
Just look at a W-4. It's all there. (Including the no-income-tax-deduction option.) Just fill it out and hand it to your employer. http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.irs.gov/pub/irs-pdf/fw4.pdf

So how can I request $0 withholding?

raldi 12y ago

If you underwithhold several years in a row, you get hit with fines and retroactive interest.

grandalf 12y ago
I'm aware of that but my point is that most employers would not allow that since the employer is also liable if it under-withheld for a W2 employee.
- sfont 12y ago
  The employer is only liable for the Medicare/SS withholdings. Half of them are deducted from your check and the employer pays the other half out of pocket. As long as you're being paid as an employee you have no control over that. The employer will only withhold and send income taxes based on what you've specified on your W-4.
- raldi 12y ago
  So it sounds like we're in total agreement.
- dragonwriter 12y ago
  > I'm aware of that but my point is that most employers would not allow that since the employer is also liable if it under-withheld for a W2 employee. AFAIK, they aren't liable for under withholding if they withhold correctly according to the W-4 signed by the employee, even if the W-4 claims things (e.g., "exempt" when the employee does not meet the qualifications) that are not accurate.

dogecoinbase 12y ago

It doesn't follow that because you are responsible for specifying the withholding, that you can request an arbitrary withholding.

expando 12y ago

Yep! You'll just have a gigantic bill come due in April

dragonwriter 12y ago

> So how can I request $0 withholding? Submit a signed W-4 [0] to your employer with the word "Exempt" on Line 7. Of course, by doing so you also certify that you are actually meet the legal requirements stated on the form for $0 withholding, under penalty of perjury, so you obviously should only do it if, you know, you actually qualify for it. But that's how you do it. [0] http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.irs.gov/pub/irs-pdf/fw4.pdf

phonon 12y ago

Just look at a W-4. It's all there. (Including the no-income-tax-deduction option.) Just fill it out and hand it to your employer. http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.irs.gov/pub/irs-pdf/fw4.pdf