I used to exempt my commission checks because they tax 'em at 35%. F***ed around one year and owed 7k.
Just put it on a payment plan man. If you can take a loan on your 401k that could help too, just don't withdraw.
If you marked yourself as exempt you shouldn’t have been being taxed so surely you have some savings right?
The only difference as far as I know is that exempt just means you’ll pay your amount due in a lump sum at the end of the year instead of check by check
And now I owe the government over $10,000 in taxes
AMA
How much do you make annually?
If you marked yourself as exempt you shouldn’t have been being taxed so surely you have some savings right?
The only difference as far as I know is that exempt just means you’ll pay your amount due in a lump sum at the end of the year instead of check by check
Pretty much yea.
My girl was part time and not on payroll paying around 2k.
Op was making bank and he didn’t have anything saved to show for it
Pretty much yea.
My girl was part time and not on payroll paying around 2k.
Op was making bank and he didn’t have anything saved to show for it
Got the payment plan set up I'm good to go
I'm not from the US, can you negociate a payment plan?
yes but not paying your minimum required tax payment Quarterly means that your tax rate for the year could be doubled
all depends if your making a lot of money though, if you mark your self as exempt and aren't making 30k+ they don't give a f*** cause your not paying income taxes anyways