Is it possible to do my w-4 form so that no taxes come out of one check?

Question

i only have 2 more checks coming in from my current employer, i'm being laid off. i'd like to get these 2 checks in full.

Answer 1

That is not going to be possible.  It usually takes a month for a change in your W-4 to take place.

Answer 2

Im pretty sure it is not possible the only thing I could say is maybe you could redo your w-4 and claim like 3-5 and they will take out less. but for sure you will get taxes medicare and ss taken out sorry.

Answer 3

You can put any number you want on the W-4, so you should be able to reduce Federal withholding to $0.  (It used to be that the employer had to report any number of exemptions larger than 10 to the IRS, and some may make it difficult to claim more than 10.)  Social Security and Medicare will still be deducted, however.

The only IRS penalty would be if your total withholding for the year is less than 100% of your tax due (including withholding) last year and less 90% of your tax due this year.  Keeping in mind that unemployment payments are taxable, this might be something you'd need to worry about.  However, the penalty rate is approximately as if it were interest at a specified rate (now 5%), compounded daily, so it may not be worth worrying about.

If you have a state income tax, the regulations are probably similar.

Answer 4

Change your W-4 to a much larger number of allowances than you have currently, maybe 9.  That should do it unless your paycheck is very large

They'll still take out social security and medicare - you can't avoid that.  And depending on where you live, they might still take out state and/or local taxes.