> On Nov 14, 2009, at 9:31 PM, [email protected] wrote:
>
>> more concerned about the notice my Cali payroll tax deduction is about
>> to double...yay, republican tax raising governator!
> Assuming the email from my company HR applies to you, too: it's not a
> tax increase, it's just an increase in withholding amounts, so you'll
> get the money back after you file your tax return (either in the form of
> a larger refund or less tax due). Kinda clever, I have to admit, but
> then, mine has only gone up about 10%.
And.... as far as I'm reading the law, there's nothing prohibiting
you from changing your "w-4" status from, say, "2 allowances"
to three or four. And if you're converned that this might
leave you owing money to the Feds, and you don't want that
to be the case, you can, indeed, request an additional $25/check
go to them. (Amounts chosen for illustraion).
For example, let's say you're currently listing 2 allowances
on your w-4, and this gets you to withholding of:
IRS: $50
Cal: $20
- and those numbers, when carried through the year, get
you to April 15th with just-about-zero liablity.
alifornia's new rules changed the withholding, so now:
IRS: $50
CAl: $40
But on April 15th you'll have overpaid Cal $400.
What you can do is change your W-4 to 5 allowanaces,
giving you withholdinf of:
IRS: $25
Cal: $20
- so your Cal. amounts will remain the same. ANd... to take
care of the IRS underpayment, you can simply ask that
another $25 be pulled off the top each check.
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