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Q. I just started as a temp through an agency. I work full-time and just received my first paycheck. I want to ask about the OASDI and the NY 2010-NYCNY withholdings. I was taxed heavily for the OASDI. What is the NYCNY withholding? Most importantly, I wanted to ask you is there any way to [...]
Q. My payroll person told me that the filing status on the W-4 doesn’t necessarily mean the same thing as my marital status. Is that true? What is filing status?
A. Filing status on the W-4 and filing status on your tax return are not necessarily the same thing. The W-4 drives withholding only. The withholding [...]
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, [...]
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 [...]
Q. I had a question about my W-4 form. I received my paycheck and it seems that I am paying almost 30% of taxes and since I am making only 30K a year, the taxes seem ridiculously high. I was wondering what I should fill out in the W-4 form that would lower my taxes. [...]
Q. My employer did not withhold any federal or state tax last year, just Social Security and Medicare. What do I do?
A. This is really a serious problem. However, the number of ways you could get into this problem are many. First lets tackle the federal issue. Check with your employer to see what [...]
