I would like to deduct taxes from my checks myself. How would I go about doing it?

Question

I would like to deduct taxes from my checks myself. How would I go about doing it?

Answer 1

You should NOT lend the government interest-free money. I get so tierd of hearing people get excited about receiving $$$$ back on taxes as if they made money. This is YOUR money to keep.



Claim exempt (or several exemptions) on your W4. Set aside $$$ each week in a savings account. to get a rough idea of how much, do the following:



Take the amount you paid in last year, divide by 52. Put this amount in saving, earn interest on tax money!

Answer 2

I don't know what the tax rate in your state is, but if your last name isn't Trummp or Onassis I would let the state deduct the taxes. You can do exempt, which mean that no taxes are taken out of your paycheck. You are held liable to pay the taxes yourself.Check with the Dept of Revenue in Michigan. Your taxes deducted are base on your gross income.

Answer 3

i dont know figure it out yourself

Answer 4

Most employers should be able to deduct a specific amount of your choosing from each check. I have never relied on the automatic deduction because it is never the correct amount, and I do not want the risk of getting penalized for underpayment.

Just estimate your taxes and set an amount to deduct that will approximate your estimated tax--not more than your estimate, and not significantly less. Remember that the IRS may charge you a penalty if you withhold less that last year's tax bill or less than 90% of the current bill.

Contact your employer to sign a form authorizing the amount you choose.