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How do you take a tax free paycheck?

Discussion in 'The Lounge' started by Glock Girl, Feb 10, 2002.

  1. Glock Girl

    Glock Girl Registered Member

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    At my old job you could take a certain number of checks a year tax free (If you knew you were going to have a large check and dint want it eaten up in taxes) anyway I was under the impression that this was a real IRS policy or something and not a company thing. At my new job no one has ever heard of this and I would like to know where I can find info on this to show them so I can take a tax free check.

    Shelby
    88 K5
     
  2. shaggyk5

    shaggyk5 1/2 ton status

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    ummmm... just a guess here, but I dont think that's an IRS policy.....

    -matt
    <font color=purple> "Stuff's only good for 2 things, degreasing engines and killing brain cells"</font color=purple>
    <a target="_blank" href=http://www.geocities.com/shaggyk5>www.geocities.com/shaggyk5</a>
     
  3. riz

    riz 3/4 ton status

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    <font color=purple> All you have to do is go to your Human Resource Department and change what you claim for taxws ......... You can do it every other week all year long if you want , but beware ! .......... You'll pay for it at tax time anyway !

    L8r,
    . Riz . <a target="_blank" href=http://www.geocities.com/rizmonkey>www.geocities.com/rizmonkey</a>

    <font color=purple> monkeys steal my underwear at night
     
  4. MudNurI

    MudNurI 1/2 ton status

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    HA- dont post the companies name here- or the IRS will be shutting them down.

    its not a paycheck --- so to speak you would receive the tax form 1099 for it- basically means you worked as an "independent contractor"..... we have to pay our cleaning lady that way- with a check, no taxes taken out, then at 1099 for it at the end of the year
    Brandy

    LOVING the new Duramax!!!
     
  5. MaxCrack

    MaxCrack 1/2 ton status

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    All the IRS cares about is how much you made throughout the year.

    <font color=blue>Every day I beat my own previous record for number of consecutive days I've stayed alive.
     
  6. blazen91

    blazen91 1/2 ton status

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    But beware of the 1099. You will showing you are self employed(as already mentioned) and you will pay more taxes. The other side is that as a self employed person, you now get a ton tax write offs. If you do it right you can save a lot of money being self employed, but you make up for it in stress!!

    <font color=blue> So Cal Big Dawg Member </font color=blue>
     
  7. JK5

    JK5 1/2 ton status GMOTM Winner

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    Very carefully!! And don`t use the net to ask ???
     
  8. highwaydevil

    highwaydevil 1/2 ton status

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    I claim "Exempt" on the pay period that contains my bonus. The rest of the year use your normal witholdings. (Single, 1). It still takes out SS, and Medicaid and such, just no state/federal tax. The year end total will include the pay period as part of the income, so eventually you'll have to pay, the benefit being that my bonus would bump me into the max tax bracket, and take 50% of my bonus. Hope this helps.
     

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