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Bob F
Lv 7
Bob F asked in Business & FinanceTaxesUnited States · 10 years ago

Totally off the wall W4 idea (United States tax)?

Each year, when I file, I can see what percentage of my income goes to taxes. It's usually 6 and change due to a lot of deductions and the child care credit. Wouldn't it make a lot of sense to allow people to just pick a percentage of their pay to have withheld based upon their previous year's tax liability? So, all I would do on a W4 would be to put down a simple number, 7% to have withheld. Does this make sense?

Update:

I mean Child Tax Credit, don't know why I used Child Care Credit

3 Answers

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  • RUSerious
    Lv 7
    10 years ago
    Favorite Answer

    I would think that you could also, if so inclined, change your W-4 on an annual basis and more or less accomplish the same thing.

  • tro
    Lv 7
    10 years ago

    Congress has tried to make the tax laws applicable to everyone, equally

  • Anonymous
    10 years ago

    you would put 20,000 people out of work; can't do it

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