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Travis D | Payroll Tax mistake.... MY Fault come tax time? |
I started working at this company in March. I filled out my W-4 correctly and turned it in. I never really payed attention to it on my pay stub, but in September, I realized that no Federal Tax was being taken out. Immediately, I brought it up to my payroll department. They pulled my W-4 which was correct and realized they made a mistake. They put me down as exempt. Their response was "Our bad, you should have been paying attention to your pay stub".
My question is, come tax time, is this going to be my fault? Will I probably end up owing due to their mistake? Do I have a legal case, or will they tell me it's my responsibility?
Additional Details
You guys are right. I should have noticed it on my paystub. I was in the Navy before this and I hardly ever looked at my LES. So I assumed everything was correct. I know it was an idiot move. What do I do now though? I mean, it was an honest oversite. What does it mean to file an Estimate as one person said? |
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ohh_herro
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While it is their fault, it is your responsibility to see that your tax is being withheld. Now that doesn't mean that you can't raise a fuss. If it is big dollars that should have been withheld then you may want to look at filing an estimate by January 15. |
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Maggie G
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So, for 6 months you didn't look at your pay stub? Yes, payroll made a clerical error, however, you are responsible to the IRS. If you owe at tax time, it will be your responsibility to pay.
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Judy1
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Well, of course you'll end up owing. It was their mistake, but it's YOUR money that you owed and didn't pay. And they're right, you should have paid more attention to your paystub. To avoid owing penalties when you file, figure out what SHOULD HAVE been deducted and either send the extra to the IRS with a form 1040ES, or fill out a new W-4 and have them take out enough extra from each pay the rest of the year to make up for what wasn't paid in earlier. |
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Helen, EA in PA
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You can have your employer take out a larger sum btwn now and December to make up for the underwithholding. This is safer as withholding is considered made thru-out the year, where an estimate is considered made when made.
But the estimated form is 1040-ES and can be found at www.irs.gov.
Helen, EA in PA |
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rtfm
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You earned the money, you owe the tax on the money. It's unfortunate that your company wasn't taking it out and holding it for you, but that doesn't change the fact that you still owe it.
They're right, by the way. It's hard to believe you didn't ever look at your pay stub from March to October. It *is* your responsibility to make sure things like pay amounts and taxes are correct. That's part of the job of being a responsible adult citizen. |
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Arthur R
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It's complicated. First, you will probably owe the IRS money at tax time (April 15), but you've had the money all this time, so that shouldn't be much of a problem.
You may also owe an estimated tax penalty. You could probably avoid that by (if you can believe payroll can do it correctly this time) having much of your pay the rest of the year withheld, and then file a new W-2 for your January taxes. You may calculate what your withholding should have been on a site such as paycheckcity.com , and then adjust your withholding the rest of the year so that about that much is withheld.
Instead, you might make estimated tax payments (see 2008 form 1040-ES, which was probably available on your 2007 tax return), but that would still leave you penalties for the 2nd and 3rd quarters of 2008. If your total withholding for 2008 exceeds either your 2007 taxes or 90% of your 2008 taxes, there's no penalty. Otherwise, the calculations have to be done for each "quarter" (ending March 31, May 31, August 31, and December 31), including withholding allocatable to that quarter and estimated taxes made within 15 days of the end of the quarter.
I'm sorry if this is confusing, but it's ALMOST ALWAYS better to have payroll withhold additional funds than to pay estimated taxes.
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v b
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"estimated taxes" are when you voluntarily mail a check to the IRS. Since you just went 9 months with $0 withholding, it's going to be hard to tweak your W-4 to take out 4-6 times as much for the last few paychecks of the year.
The suggestion was made since if you end up owing more than $1000, you can be hit with an estimated tax penalty of 4% of the money owed. |
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quizzard123
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Whether the correct tax was withheld or not, you still end up paying it. So come tax time at the end of the year, you will end up owing. My advice would be to see an accountant and get them to do a pro forma tax return for you, so you can estimate how much is going to be owing and start putting it aside.
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bud68
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Yes - you will owe the tax regardless of who made the mistake. |
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