Taxes

[bike2sandiego]

I work for a business that gives their documents to an accounting firm. I write out my own pay stubs and the business, along with my pay stubs, gets reported to the accounting company every month. I have just realized through my own research that I was not withold ing enough taxes throughout the year, and now I am in a hole. The have only informed me that I will come up short last week, being the second week in December. Is there any way I can pin them as responsible for this?

 

[fredrikklaw]

April 15th!

BIKE2SANDIEGO…

There is really no need to either rock the employment boat or worry about a nonissue as that is why we have the much dreaded, or welcomed (depending whether you owe or are owed) yearly day of Tax Atonement; April 15th !

Because you, or anyone else for that matter, can go through the entire tax year without declaring a single penny in income tax liability on pay stubs or other proofs of income and we shall be none the worse for it in any shape or form, until of course, cometh the Tax Season and cometh the time for one and all to file those beloved tax returns; at which time if your returns show that not enough income taxes were withheld in the previous year, you will simply receive a tax demand from the I.R.S. and if conversely, you are judged to have withheld too much income tax, then you shall receive a nice refund check from the same detractors at the I.R.S., and that is all she wrote.

So, if it helps you feel better, start withholding more from the next paycheck to compensate for the shortcomings or just wait and pay the arrears on your next tax return filing.

fredrikklaw

 

[Betty3]

If you owe any taxes, you will just pay them at tax time like everyone else who owes taxes to the IRS.

 

[disagreeable]

If you are off by more than 10% on your estimated taxes and its the first year you screwed up, there is no penalty as long as you pay them by April 15th. I would make a higher 4th quarter tax payment also to offset much of the deficiency and stay below the 10% threshold if I were trying to avoid a potential scrutiny of my business accounting.

 

[txls]

They had no obligation to tell you that you would come up short, and they really don't know if you will come up short. They do not know everything about your personal tax filing. The only way the business may have some responsibility is if they were not withholding according to your W4, but then it sounds like you were the one calculating your own pay check, so....