Quote:
Originally Posted by BWillie007
Great point. Maybe you can help me out with something. What is the most you can opt for the government NOT to take out of your check? Can you keep the whole thing? And pay at the end of the year?
Hell, if that is the case, at the VERY LEAST I can put my money in a CD that would have been withholding anyways and get something out of it. I think I claim "0" or "2", whichever one that takes more out of your check each time.
For a guy making $45,000 to $55,000, what would be the difference from what I'm withholding now, and the least amount I could withhold?
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You can't take home your entire check if you're a W2 employee. They will withhold Socialist Insecurity and Medicare IIRC. If you do try and underpay your taxes per paycheck be aware that you will have to make quarterly payments or you'll wind up with penalties at the end of the year. The govt won't pay you by the quarter, but they won't wait all year for their money.
The govt. is like a really shitty pimp when it comes to taxes.