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You don’t want to claim too many adjustments to your income, as your employer will not withhold enough tax based on your filing status. This could leave you with a big tax bill come April 15.
Since World War II, the federal government has required that employers withhold money from their employees’ paychecks throughout the year to pay federal income taxes. Employees determine the ...
Failing to pay Federal taxes withheld can result in a penalty of 100% of the amount not paid. This may be assessed against anyone responsible for the funds from which payment of withheld tax could have been made. Paying withheld Federal taxes late may result in penalties up to 10%, plus interest, on the balance paid late. State penalties vary.
Form W-4 (officially, the "Employee's Withholding Allowance Certificate") [1] is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of federal tax to withhold from an employee ...
Typically, withholding is required to be done by the employer of someone else, taking the tax payment funds out of the employee or contractor's salary or wages. The withheld taxes are then paid by the employer to the government body that requires payment, and applied to the account of the employee, if applicable.
You can say, ‘I want an extra $50 per pay period withheld.’" Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).