http://askcpasam.com/blog Making Payroll, Tax, Finance, Accounting Understandable Fri, 04 May 2012 13:21:07 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 http://askcpasam.com/blog/2010/05/14/arizona_new_a4/ http://askcpasam.com/blog/2010/05/14/arizona_new_a4/#comments Fri, 14 May 2010 17:28:44 +0000 CPA Sam http://askcpasam.com/blog/?p=494 Arizona has done it again.  Currently, anyone who is being paid in Arizona must select from several percentages on the A-4.  Arizona withholding is based on a percentage of federal withholding.  The percentage you pick will be multiplied times the federal withholding number on your paycheck to arrive at Arizona withholding.  If you selected 24.5%, [...]

]]> http://askcpasam.com/blog/2010/05/14/arizona_new_a4/feed/ 0 http://askcpasam.com/blog/2009/12/07/401k-early-withdrawal/ http://askcpasam.com/blog/2009/12/07/401k-early-withdrawal/#comments Mon, 07 Dec 2009 14:30:01 +0000 CPA Sam http://askcpasam.com/blog/?p=438 Q. I borrowed $15,000 from my 401(k) in Feb, 09. In May, 09, I was laid off from my job. My only options for the loan were to pay it in full (not going to happen) or default. They would NOT allow me to continue making payments and would not transfer the loan to my [...]

]]> http://askcpasam.com/blog/2009/12/07/401k-early-withdrawal/feed/ 0 http://askcpasam.com/blog/2009/06/03/w4math/ http://askcpasam.com/blog/2009/06/03/w4math/#comments Wed, 03 Jun 2009 16:34:52 +0000 CPA Sam http://askcpasam.com/blog/?p=335 Q. First, please explain the notes on line G of the W4 that talks about what to put on the form for children using different income levels. Secondly, I claimed 8 allowances last year and there were no taxes taken out of my check.  This year when I complete the form it shows 9 or [...]

]]> http://askcpasam.com/blog/2009/06/03/w4math/feed/ 0 http://askcpasam.com/blog/2009/05/28/enoughallowances/ http://askcpasam.com/blog/2009/05/28/enoughallowances/#comments Thu, 28 May 2009 15:04:48 +0000 CPA Sam http://askcpasam.com/blog/?p=333 Q. I know you get a lot of questions about this, but I think I may have not been allowing myself the number of allowances that I am qualified to receive. I am 33, single, have 2 homes in a separate state, both are rented. Should I be able to claim an allowance of 3, [...]

]]> http://askcpasam.com/blog/2009/05/28/enoughallowances/feed/ 0 http://askcpasam.com/blog/2009/05/20/exempt-status-part-time/ http://askcpasam.com/blog/2009/05/20/exempt-status-part-time/#comments Wed, 20 May 2009 19:48:50 +0000 CPA Sam http://askcpasam.com/blog/?p=329 Q. Is it illegal to claim exempt status on my W-4 for a couple of paychecks? A. To get the answer to your question, we need to examine the statements on the W-4 relating to the exempt status.  Exempt means you will have no federal withholding on your paycheck.  It does not affect Social Security [...]

]]> http://askcpasam.com/blog/2009/05/20/exempt-status-part-time/feed/ 0 http://askcpasam.com/blog/2009/02/11/withholdingmy-way/ http://askcpasam.com/blog/2009/02/11/withholdingmy-way/#comments Wed, 11 Feb 2009 14:48:32 +0000 CPA Sam http://askcpasam.com/blog/?p=271 Q.  As a payroll person, I often see highly-compensated employees come to my office with advice from their accountant.   “If you withhold exactly this amount every period, you won’t owe or need to be refunded very much on income taxes.”  Because the accountant may take into account things that would not be known to a [...]

]]> http://askcpasam.com/blog/2009/02/11/withholdingmy-way/feed/ 0 http://askcpasam.com/blog/2008/08/20/decrease-withholding-on-paycheck/ http://askcpasam.com/blog/2008/08/20/decrease-withholding-on-paycheck/#comments Wed, 20 Aug 2008 20:13:00 +0000 CPA Sam http://askcpasam.com/blog/?p=35 Q. I would like to ask how I can decrease the withholdings from each paycheck…I am married, salaried about 52K yearly; HR explained to me that I needed to increase the number of dependents (?!) I bought a house, I will therefore deduct the mortgage interest and the taxes. I live in Florida. Thanks for [...]

]]> http://askcpasam.com/blog/2008/08/20/decrease-withholding-on-paycheck/feed/ 0 http://askcpasam.com/blog/2008/07/16/w-4-frequency/ http://askcpasam.com/blog/2008/07/16/w-4-frequency/#comments Wed, 16 Jul 2008 16:27:00 +0000 CPA Sam http://askcpasam.com/blog/?p=31 Q. My employer says I have to complete a new W-4 every year. Is this true? How often do I have to do this? It’s always the same. A. I’m amazed at how many questions come in regarding the Form W-4. This deceivingly simple document creates confusion for all levels of employees. In reality, you [...]

]]> http://askcpasam.com/blog/2008/07/16/w-4-frequency/feed/ 0 http://askcpasam.com/blog/2008/05/28/frequent-w-4-changes/ http://askcpasam.com/blog/2008/05/28/frequent-w-4-changes/#comments Wed, 28 May 2008 21:03:00 +0000 CPA Sam http://askcpasam.com/blog/?p=22 Q. My paycheck is never the same because I’m in sales. I’m always adjusting my W-4 to get the withholding right. Now my payroll department is telling me I have to wait a month before my changes are input. Is this legal? A. As I say all the time in this blog, the W-4 is [...]

]]> http://askcpasam.com/blog/2008/05/28/frequent-w-4-changes/feed/ 0 http://askcpasam.com/blog/2008/05/16/changing-your-withholding/ http://askcpasam.com/blog/2008/05/16/changing-your-withholding/#comments Fri, 16 May 2008 14:00:00 +0000 CPA Sam http://askcpasam.com/blog/?p=20 Q. I had way too much withholding last year and got a huge refund when filing my tax return. How do I change that? A. This blog is coming from the floor of the Exhibit Hall at the American Payroll Association 2008 Congress in Austin, TX. With almost 2000 payroll folks surrounding me, I get [...]

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