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Author: edcosoft Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121181  
Subject: Re: more withholding Date: 2/7/2000 8:10 AM
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<<After doing 99 taxes my husband and I need to pay an
additional $96.00 per pay (q 2 weeks) in order to break even
with the irs.>>

Do you REALLY want to break even? Do you know that you can
owe Uncle Sammy up to $1,000 come April 15th and not pay any
penalty? Give that some thought!!!


Do you know you can owe Uncle Sammy $100,000 come April 15th and not pay any penalty? of $1,000,000? If you are underpaying using the correct exemptions, no problem. Just don't LIE on a W-4 to reduce withholding to less than you know you'll owe. However, you can legally reduce withholding to equal last year's tax even if you know this year will be higher by any amount, and regardless of number of exemptions. Ed
Don't use a tax deferred annuity for this as you have to take it out next year to pay the tax deficiency. Invest it or put in in the bank.
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