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Income Tax Question?

I was just hired by a company. Is there anything that i can do in the paper work to pay taxes at the end of the year instead of having taxes deducted out of paychecks On one of the pages theres and EXEMPT choice. Will this answer my question. Thanks

Update:

exempt from taxes or just decrease the amount deducted. Help will be needed. But thanks

6 Answers

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  • 6 years ago
    Favorite Answer

    Put zero deductions on the form you fill out for your employer. They will still take out required taxes such as medicare but thy will not take out as much. Basically there is no way to do this except by having your employer hire you as an independent contractor in which case he will give you a 1099 and not take anything out.

  • Shay
    Lv 7
    6 years ago

    You can claim single and claim something between one and three allowances on your W-4 form. This will keep you legal and avoid fees for falsely claiming exempt if you are not exempt. The more allowances you claim, the more money you keep in your pocket.

    Just remember that you will owe taxes at the end of the year if you claim the allowances now when you don't really have that many dependents to claim at the end of the year.

  • Judy
    Lv 7
    6 years ago

    Filing EXEMPT when you aren't is illegal and will result in a fine, plus a letter from the IRS to your employer that they must take out at single/zero. See that line about "under penalty of perjury..." by your signature?

  • ?
    Lv 7
    6 years ago

    If you manage to turn off withholding and then owe $1000 or more, you can still get slapped with a $500 fine and a lockin letter.

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  • Anonymous
    6 years ago

    you don't want to have to owe when you file tax returns next year............any $$ that should go to you in your weekly pay will be used by the Govt w/o paying you interest

  • 6 years ago

    Not legally.

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