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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Can I claim 4 on my taxes so my check will be larger each we

Resolved Question:

Right now the company I work for I am claiming only one. Can I start in my next pay period claiming 5. I need the money doing the year, rather than a refund at the end of the year or I may have to pay taxes too.
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

According to IRS rules taxes are withheld based on your W4 filing. For bonuses there are two ways for your employer to withhold taxes on supplemental wages - see for reference IRS publication 15 - http://www.irs.gov/pub/irs-pdf/p15.pdf pages 15-17:

  • flat 25% rate
  • the same way as for your regular wages based on your W4 filing.

If your employer uses flat 25% rate for supplemental wages withholding - there is nothing you may do as your employer may not use different method of withholding at the same time.

You generally may ask your payroll person to change W4 - to reduce withholding. However the IRS expects taxes to be withheld as you are paid. If at the tax time you will owe less than $1000 and there will not be any problem to pay tax due - you are OK.

If you will owe more than $1000 - you may be penalized - please see details in the publication 505 - http://www.irs.gov/pub/irs-pdf/p505.pdf pages 48 - see also exemptions on the page 49 To estimate possible penalties - please fill the form 2210 - http://www.irs.gov/pub/irs-pdf/f2210.pdf

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22696
Experience: Taxes, Immigration, Labor Relations
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