http://askcpasam.com/blog Making Payroll, Tax, Finance, Accounting Understandable Mon, 16 Jan 2012 19:52:15 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 http://askcpasam.com/blog/2010/03/05/yikes-a-big-tax-bill/ http://askcpasam.com/blog/2010/03/05/yikes-a-big-tax-bill/#comments Fri, 05 Mar 2010 13:03:45 +0000 CPA Sam http://askcpasam.com/blog/?p=476 Q. My husband works for a large company, and I receive disability and do not work.  We just had our taxes done this week and got quite a shock!  We had a federal income tax refund of over $4000, but owed state tax of $1000 and local taxes of $600.  We are in PA.  How [...]

]]> http://askcpasam.com/blog/2010/03/05/yikes-a-big-tax-bill/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/2009/05/20/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/2009/05/06/how-much-withholding/ http://askcpasam.com/blog/2009/05/06/how-much-withholding/#comments Wed, 06 May 2009 14:48:13 +0000 CPA Sam http://askcpasam.com/blog/?p=322 Q. I recently got married in April. My wife is starting her job next week. In the past I have claimed 4 witholdings and usually get around $1,500 -$2,000 back each year. Need  some help in determining if I need to adjust my withholdings… if so … how much. Also… how many withholding should my [...]

]]> http://askcpasam.com/blog/2009/05/06/how-much-withholding/feed/ 0 http://askcpasam.com/blog/2008/10/29/a-mountain-of-withholding-forms/ http://askcpasam.com/blog/2008/10/29/a-mountain-of-withholding-forms/#comments Wed, 29 Oct 2008 13:07:00 +0000 CPA Sam http://askcpasam.com/blog/?p=121 Q. My paycheck is wildly different each time because I am paid commission in the 2nd check and a draw on the first check of the month.  I submit a new W-4 each period to keep my withholding down.  Now my payroll department doesn’t want to accept more than 1 change each month.  Is this [...]

]]> http://askcpasam.com/blog/2008/10/29/a-mountain-of-withholding-forms/feed/ 0 http://askcpasam.com/blog/2008/08/27/work-and-live-in-different-states/ http://askcpasam.com/blog/2008/08/27/work-and-live-in-different-states/#comments Wed, 27 Aug 2008 22:54:52 +0000 CPA Sam http://askcpasam.com/?p=50 Q. Why does my company withhold both New Jersey and New York taxes from my paycheck.  I used to work in New York but don’t any longer.  I now work in New Jersey only.  I have always lived in NJ.  What forms to I use to make sure that NY taxes are not withheld from [...]

]]> http://askcpasam.com/blog/2008/08/27/work-and-live-in-different-states/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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