Anonymous
08/22/2018 10:28
Subject: S/o withholding after tax changes
Anonymous wrote:Thanks you guys. Bc of our large refund last year (or any year), we usually adjust withholdings as necessary early in the year.
But yeah at the time our office wasn’t assisting with that. I guess the year has sort of slipped by.
The call says if we leave as is we’ll have a 5000 refund, and if we change to the correct one (15), we’ll have a 3800 refund.
So *youre saying I should put 20,*
I feel comfortable with that but I’m just wanting to get someone else in here to teach me more. Is that the maximum/ in other words saying nothing will be withheld for the rest of 2018?
(Btw, I will note on the calendar to adjust back to 15 or whatever is appropriate on Jan 1 2019)
PP here and the idea of using 20 exemptions or 99 exemptions on the W-4 is so that the government thinks you will not owe any income tax. You then add additional withholding equal to the amount of taxes you will owe divided by the number of pay periods remaining.
Anonymous
08/22/2018 08:28
Subject: S/o withholding after tax changes
Anonymous wrote:Thanks you guys. Bc of our large refund last year (or any year), we usually adjust withholdings as necessary early in the year.
But yeah at the time our office wasn’t assisting with that. I guess the year has sort of slipped by.
The call says if we leave as is we’ll have a 5000 refund, and if we change to the correct one (15), we’ll have a 3800 refund.
So *youre saying I should put 20,*
I feel comfortable with that but I’m just wanting to get someone else in here to teach me more. Is that the maximum/ in other words saying nothing will be withheld for the rest of 2018?
(Btw, I will note on the calendar to adjust back to 15 or whatever is appropriate on Jan 1 2019)
What is your gross income this year? How much will your itemized deductions be? How many children qualify for the child tax credit?
Anonymous
08/22/2018 08:26
Subject: S/o withholding after tax changes
Thanks you guys. Bc of our large refund last year (or any year), we usually adjust withholdings as necessary early in the year.
But yeah at the time our office wasn’t assisting with that. I guess the year has sort of slipped by.
The call says if we leave as is we’ll have a 5000 refund, and if we change to the correct one (15), we’ll have a 3800 refund.
So *youre saying I should put 20,*
I feel comfortable with that but I’m just wanting to get someone else in here to teach me more. Is that the maximum/ in other words saying nothing will be withheld for the rest of 2018?
(Btw, I will note on the calendar to adjust back to 15 or whatever is appropriate on Jan 1 2019)
But yeah at the time our office wasn’t assisting with that. I guess the year has sort of slipped by.
The call says if we leave as is we’ll have a 5000 refund, and if we change to the correct one (15), we’ll have a 3800 refund.
So *youre saying I should put 20,*
I feel comfortable with that but I’m just wanting to get someone else in here to teach me more. Is that the maximum/ in other words saying nothing will be withheld for the rest of 2018?
(Btw, I will note on the calendar to adjust back to 15 or whatever is appropriate on Jan 1 2019)
Anonymous
08/22/2018 08:04
Subject: S/o withholding after tax changes
Anonymous
08/22/2018 08:04
Subject: S/o withholding after tax changes
Anonymous wrote:One paycheck family. The withholding amount hasn’t changed this year. (We get the same gross, same net for every paycheck since the last time we changed anything).
I don’t think that’s normal.
We already got a huge refund last year...
So I feel we should withhold less, obviously, but the company keeps saying they don’t have the new tables.......?
What kind of payroll office do you have? The tables were released on January 11, and employers were supposed to implement the 2018 withholding tables as soon as possible, but not later than February 15, 2018.
Anonymous
08/21/2018 17:40
Subject: S/o withholding after tax changes
They should have the new tables by now. But yes, you can also just calculate and adjust the withholding yourself. We are playing it safe to see exactly how our tax liability shakes out under the new law, though. It will probably go up since although our rate drops, we had a lot of SALT deductions (yay for high tax/high housing cost states...)
Anonymous
08/21/2018 16:33
Subject: S/o withholding after tax changes
Do the IRS calculator, and adjust your withholdings accordingly.
Anonymous
08/21/2018 16:27
Subject: S/o withholding after tax changes
Go to the IRS website, calculate what you will owe. Figure out how much you have already withheld and subtract that from what you will owe. Change your W-4 to have 20 exemptions and add additional withholding for the remaining amount you will owe divided by the number of pay periods remaining.
Anonymous
08/21/2018 16:21
Subject: S/o withholding after tax changes
One paycheck family. The withholding amount hasn’t changed this year. (We get the same gross, same net for every paycheck since the last time we changed anything).
I don’t think that’s normal.
We already got a huge refund last year...
So I feel we should withhold less, obviously, but the company keeps saying they don’t have the new tables.......?
I don’t think that’s normal.
We already got a huge refund last year...
So I feel we should withhold less, obviously, but the company keeps saying they don’t have the new tables.......?