 What are the pros & cons of taxes getting taken from 2 jobs paychecks? |
I work 2 jobs and I was wondering do I have to have taxes taken from both checks? & if I dont will I get a bigger refund check at the end of the year!
1 INCOME TAXED
Pros:
-M... |
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Terrorist Parvis Khan was claiming from us
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£222 a month child benefits
£400 a month to pay his rent and council tax
£434 ... |
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prprpls | If payroll makes mistake with number that you claim, can they go back & redo with proper number of allowances? |
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src50
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You can change the withholding, but they're not going to retroactively change what had already been withheld. Relax, it doesn't change the ultimate amount of tax you pay. |
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becvns@yahoo.com
 |
no your stuck with the mistake. they once accidentally put that i had 30 dependents instead of three and it was my problem |
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Judy1
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Not really, although they can correct it for future payrolls. And if you paid in too little because of the mistake, you can have extra taken out for the rest of the year or make an estimated payment. If you paid in too much, you can increase your allowances for the rest of the year so less or nothing is taken out. If you change your W-4 to account for an error, don't forget to change it back at the start of 2008. |
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bostonianinmo
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If they made the mistake, yes they can adjust how much is withheld to attempt to get it right by the end of the year. If the mistake had too little tax withheld it may not be possible to rectify it by the end of the year, however, without leaving you with nearly empty paychecks.
Normally if they overwithheld they won't adjust except to start withholding the proper amount under the theory that you will get it back when you file your tax return.
A key factor they will consider is how long the error has been going on. If it's been all year, don't expect them to jump to and correct it since you had plenty opportunity to call it to their attention earlier in the year. If you've just started and called them on it in your first check they should put it right in the next check or two.
The only taxes that they are REQUIRED to correct are Social Security and Medicare. Errors are rare there though since it's a flat rate for everyone regardless of how many withholding allowances you are claiming. The most common error is with Social Security withholding not stopping once you hit $97,500 in wages for the year. Not many of us have that problem though. |
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Scott K
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Yes and no. I'm assuming that you've cashed the checks you've received, so they really can't re-do them. But, of course, they can calculate the proper amount of tax that should have been withheld and take it out of your next paycheck(s) if you would like. Otherwise, they can start taking out the right amount from here on out (prospective correction.) |
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v b
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This is mid-November. presumably you have 2-3 more paychecks for the 2007 W-2.
Fix the W-4 to the correct number. Use the Withholding Calculator at the IRS.GOV website to get a handle on how much tax you will owe at the end of the year. If you will owe more than $1000, it is in your best interest to also put an amount for payroll to withhold on each of the 2-3 remaining pay periods (obviously you can't do more than your remaining takehome pay). Then in January, update the W-4 to remove the extra amount.
By the way, it was your responsibility to LOOK at your paycheck. If the withholding status/number of allowances was wrong, YOU had all year to fix it. Since the money was yours anyway, the IRS considers it your problem if you owe taxes. |
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c s
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You have a right to fill out another form, so they can correct it. |
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Samirah
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You didn't stipulate as to whether your pertaining to W4 for the year 2007?
It's too late..you either have been over taxed and will recieve a refund or under taxed and you owe..when filing income tax...all you can do now is fix it for year 2008? |
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hooterville
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They will most likely adjust your next check |
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