Current Events > Can you talk to your employer about still getting taxed?

(+) Yeah! (+)

I dont want to owe next year.

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Bump

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You dont have to file every year

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You can. I've asked my job about whether they're participating in that dumb shit. They're looking into it.

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The HR Person for my company had no idea about it. Wasnt sure if it was mandatory/optional, automatic, if you had to opt in or opt out, etc

what a waste of time.

guess Ill just judge based on my check.

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Wait what?
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My company sent an email yesterday that they would not be deferring payroll taxes so luckily I don't have to worry about it

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Owing money at the end of the year is a good thing. The irs is gonna get their same pound of flesh either way. Getting a refund just means you gave them an interest free loan.

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Here's the deal - the payroll tax deferral is strictly a *deferral* (postponement, not complete cancellation) of the taxes.

Scenario 1: You opt-out of withholding now. Congress doesn't cancel the collection of the taxes. Your employer now has to withhold all of the tax withholdings you had been collecting up through December, meaning you lose out on that money at the end of the year anyway.

Scenario 2: You wind up just paying all that money back yourself through your tax return next year.

Scenario 3: They *do* cancel the collection of those taxes, but your employer was still withholding the money to be on the safe side. In this case, you'll just get that money back in the form of a refund after you file your tax return.

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MC_BatCommander posted...

My company sent an email yesterday that they would not be deferring payroll taxes so luckily I don't have to worry about it

Same here, but their also allowing people to opt-in if they want. I'm expecting a bunch of my dumbass co-working to complain when they owe a ton come tax time.

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emblem boy posted...

Wait what?

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Were_Wyrm posted...

Same here, but their also allowing people to opt-in if they want. I'm expecting a bunch of my dumbass co-working to complain when they owe a ton come tax time.

right, Im trying to avoid having to pay extra next year, or owe anything.

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emblem boy posted...

Wait what?

theres supposed to be this federal tax deferment starting today. You dont pay taxes for the rest of the year, but then pay DOUBLE next year. No thanks.

but Im not sure if its different for every company, mandatory/optional, etc

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I work for the federal government and even they haven't done it yet, lol. There's been no talk to us about doing it either, and I hope they don't.

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A deferral means they are temporarily not collecting it. That does not mean it is cancelled outright. That's why employers are hesitant to stop withholding the tax money right now, because there's a lot of uncertainty about it and it has the potential to really fuck over employees come the end of the year.

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