Stimulating Taxes

[kevin_standlee]

I got a note from my company's HR department advising us of changes in tax withholding on account of the stimulus package from the federal government. Following their instructions and going to the web site they directed, I determined that if I did not do something, I'd end up owing between $500 and $1000 in income taxes next April. Besides not wanting to have to come up with the money then, I thought there was a penalty for under-payment. So I had to refile my W-4 withholding exemptions form, and after all the changes percolated through, I end up with about $2/week more in take-home pay. Oh, well, at least my net pay didn't go down.

Comments

[cynthia1960.livejournal.com]

Is that website available to everyone, or is it behind your firewall?

[buddykat.livejournal.com]

I've found that www.paycheckcity.com is also a great site for telling you what your net pay will be after all deductions.

[redneckotaku.livejournal.com]

I wish my work was telling me much about this at all, so I could make adjustments on my withholding.

[paradoox.livejournal.com]

Strangely enough the amounts of my last two paychecks (3/27 and 4/10) are identical. Now, perhaps Stratus didn't change anything because the whole of the last pay period wasn't in April.

[theresamather.livejournal.com]

I underpaid for last year ..I have to estimate what I'm going to make and send payments in quarterly. I underestimated and owed around 4k more than I paid. Surprisingly, the penalty ended up being rather small.