Is there a way not to pay withholding(Or other taxes) on my check for a few weeks?

Question

Was wondeing if there is a way to not pay on your federal withholding (Or other taxes) on your work check. We are kinda in a money crunch right now and need the money. I've been claming 0 for my exemptions all year so far. I've grossed about 13,000 and already have 1700 on my withholding.

Answer 1

Single/0 is pretty stiff withholding, so you may have had plenty withheld.

1.  Go to irs.gov and type in withholding calculator.  See if you are on target for a huge refund.

2.  Then go to www.paycheckcity.com and see what difference changing the allowances from single/0 to say single 3.  Then go back to the withholding calculator, pretend your latest paycheck shows the new amount and see if you would still be on target for breaking even.

3.  Then turn in a new W-4 with the new allowances.  (You can't claim exempt, but you can put in a new number.)

Answer 2

You can file a new W-4 increasing the number of allowances - that will decrease of eliminate the withholding for federal income tax.  They'll still take out social security and medicare, you can't avoid that.

Be very careful with this.  If you normally get a refund, you could be OK although realize that any extra you get now will decrease your refund by that same amount.  And don't forget to change it back - it's real easy to get used to the extra money, then when tax time comes you owe a lot of money, plus penalties.