BLUE COLLAR LIVES MATTER

[TacomaJD]

I guess I'm missing the point of this (or anyone) changing their witholdings throughout the year?

I was under the impression that you pay X amount of taxes based on what you made for the YEAR? So why the hell does it matter when or how you pay it?

I never seemed to get back more than $1k claiming single and none the whole year (I wasn't making as much back then either), but it seemed like I could do Married and 10 the first 6 months, which is nearly $100 extra a week on a 40 hr week, way more on overtime checks, and still get back $500 or so at the end of the year or at least break even. Maybe it was an illusion then, I've been doing it for about 5 or 6 years now, this year is the first time I will have gone a whole year on single and none on my current pay scale. I will be able to compare to last year's and see if there is any difference. I just never felt like I got back enough doing single and none the whole year before.

I did like mentioned before, work overtime on married and 10 and bring home an extra $300+ a week on an overtime check. It's nice doing it like that receiving the extra weekly, but like also mentioned, if it works out the way it's supposed to, you should be paying in the same and receiving the same return regardless, but idk.

 

[John Galbreath Jr.]

It would matter as to the take home amount of each check. But, what you end up owing at the end of the year should not change.

Tax bill owed from schedule less deductions
less
Tax paid into system through payroll and/or estimated tax payments
equal
Balance owed to IRS or refund if overpaid.

However, if you look at the withholding form you sign to change payroll, I think filling it out wrong (too many dependants) is fraud.

Yep, IRS W-4. "Under penalties of perjury, I declare that I have examined this certificate and, to the best of my knowledge and belief, it is true, correct, and complete.
Employee's signature (This form is not valid unless you sign it.) ?"

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&ved=0ahUKEwip4ouEoPbNAhWJdT4KHQG7DEkQFgglMAE&url=https%3A%2F%2Fwww.irs.gov%2Fpub%2Firs-pdf%2Ffw4.pdf&usg=AFQjCNH6XrXINhUDXXX1C3llG2hdmsZL5g&sig2=pJsOKdT-wykfbBc-o23s8w

 

[Shortbus]

I don't really see why anyone would want to maximize their return. I try to make it where I get back enough for a tank of fuel and/or few boxes of ammo. I see more return from putting the extra money to work for me through the year instead of giving the government an interest free loan. The one time I got back a decent return, it took two years to get my money and the interest was way less than what any bank was paying.

 

[TacomaJD]

It would matter as to the take home amount of each check. But, what you end up owing at the end of the year should not change.

Tax bill owed from schedule less deductions
less
Tax paid into system through payroll and/or estimated tax payments
equal
Balance owed to IRS or refund if overpaid.

However, if you look at the withholding form you sign to change payroll, I think filling it out wrong (too many dependants) is fraud.

Yep, IRS W-4. "Under penalties of perjury, I declare that I have examined this certificate and, to the best of my knowledge and belief, it is true, correct, and complete.
Employee's signature (This form is not valid unless you sign it.) ?"

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&ved=0ahUKEwip4ouEoPbNAhWJdT4KHQG7DEkQFgglMAE&url=https%3A%2F%2Fwww.irs.gov%2Fpub%2Firs-pdf%2Ffw4.pdf&usg=AFQjCNH6XrXINhUDXXX1C3llG2hdmsZL5g&sig2=pJsOKdT-wykfbBc-o23s8w

I always wondered about the legality of it, but our accountant keeps W-4 forms in a box by her desk, we could change it from week to week if we wanted. Several times back when I worked a shitload of overtime, if I worked say 65 hours one week, I'd go change to married and 10 before payroll was done so those 15 hours of time and a half and 10 hours of double time would merit me another $600+ that week instead of a shitload of it going to taxes, then change back to single and none the following week. I asked our accountant and even asked my tax guy if it was legal to change it like that and both said yes because it all should add up to pay in the same by the time you file your taxes anyway. The government is gonna get theirs either way. I see the fraudulent part of falsifying a document, but with the government always getting their part regardless of how you file through the year, I guess they don't care if people change it?

 

[John Galbreath Jr.]

I always wondered about the legality of it, but our accountant keeps W-4 forms in a box by her desk, we could change it from week to week if we wanted. Several times back when I worked a shitload of overtime, if I worked say 65 hours one week, I'd go change to married and 10 before payroll was done so those 15 hours of time and a half and 10 hours of double time would merit me another $600+ that week instead of a shitload of it going to taxes, then change back to single and none the following week. I asked our accountant and even asked my tax guy if it was legal to change it like that and both said yes because it all should add up to pay in the same by the time you file your taxes anyway. The government is gonna get theirs either way. I see the fraudulent part of falsifying a document, but with the government always getting their part regardless of how you file through the year, I guess they don't care if people change it?

The W-4 is an internal company form, even though is is an IRS required form. It is not reported to the IRS, so unless the company got an audit, or somebody ratted, the IRS would never know.

 

[hokie_yj]

Our W-4s are done on our internal intranet here. We can log in and change it anytime. Every year when shutdown season rolls around lots of people change to married and 10. I did it last fall before I worked 43 straight 12 hr shifts. Made a huge difference in the check. Just have to remember to change it back when it's over. It's nice to get the extra money then, but it evens out in the end anyway.

 

[TacomaJD]

Our W-4s are done on our internal intranet here. We can log in and change it anytime. Every year when shutdown season rolls around lots of people change to married and 10. I did it last fall before I worked 43 straight 12 hr shifts. Made a huge difference in the check. Just have to remember to change it back when it's over. It's nice to get the extra money then, but it evens out in the end anyway.

Ours is done via our Siemens intranet now too, started this year. It was a little more of a hassle to do than fill out a form and lay it on the accountant's desk like normal, so that's what gave me incentive to just try it single and none the whole year this year - I didn't wanna fool with changing it online.

 

[KPatterson]

Start your own company, work for yourself. Never look back.

 

[BIG_Country]

Start your own company, work for yourself. Never look back.

Don't think that working for yourself is gonna get you a big tax return. I've worked for myself and have a full time job for the passed couple of years and still haven't gotten more then 3 tax returns since I started paying in as a teen (in 30s now) Dad always told me if you get a tax return it just means you have paid in to much....unless your like these leaches that get one for not paying anything in. Which is compete BS. But yeah work for yourself and don't look back, just keep look ahead and making moves to better yourself. The hell with all of the folks just seating on their butts getting money from the government.

 

[Elliott]

Start your own company, work for yourself. Never look back.


Yea go try that, my guy is doing mine now( filed an extension) looks like I could have paid for 80% of a new Vette with what they are going to take from me. I hate being self employed 75% of the time.