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63 votes
Accepted

Payroll tax on wheat given as wages

The CPA is mostly correct. Her use of "in kind" may be confusing, but it appears that while our gut would call this "bartering" and refer to the rules regarding same, there's a different set of rules ...
JTP - Apologise to Monica's user avatar
30 votes
Accepted

How do you know how much to withold on your W-4?

My father says that if I need more money, I can withold less on my W2 (which won't result in the same oh here's $3,000 come tax return time), but will give us access to more money. He's right. So ...
RonJohn's user avatar
  • 50.7k
28 votes
Accepted

Why am I being under taxed on a part time job?

In the US we deduct certain things from income to calculate how much of our income is taxable. Rather than have everyone list out all applicable deductions people can choose to use a standard ...
Hart CO's user avatar
  • 70.5k
27 votes
Accepted

W2 Form Stating Single instead of Married

The status of 'married' or 'single' on your W-2 has nothing to do with how you file your taxes, only with how taxes were withheld by your employer. Single status withholding is higher than married, ...
Derek_6424246's user avatar
22 votes
Accepted

Why do some employees fill out a W-4 and some don't?

This is functionally the same as submitting a W4 claiming 0. The employee is defaulted to the highest withholding for taxes. Some people like the quasi-forced-savings aspect of excess withholdings ...
quid's user avatar
  • 49k
18 votes
Accepted

For 2017 I have 3 different W-2s with 3 different addresses

For the federal taxes, it is no problem at all. For state taxes, just be aware that you probably had state tax withheld from multiple states. Look at your W-2’s closely to determine where all of ...
Ben Miller's user avatar
  • 116k
16 votes

How do you know how much to withold on your W-4?

The goal of withholding is to get as close to the actual amount of tax you will owe by the end of the year as possible. So ideally, you should have no refund and owe no tax when you file your tax ...
user102008's user avatar
  • 17.2k
15 votes
Accepted

Employer not sending corrected W-2. What can I do?

What are my options if they don't send me the corrected W-2? What happens if I don't file my taxes by October 2023 for any reason? The IRS has guidance: W-2 - Additional, Incorrect, Lost, Non-Receipt,...
mhoran_psprep's user avatar
14 votes
Accepted

Overwithholding due to wrong address

I have asked the company to send me the corrected W2 form, but they are not responding. If this is for income received in 2022: The company should not be issuing a corrected W-2. The purpose of the ...
mhoran_psprep's user avatar
13 votes

Should/How I pay tax return in US for last year even after I moved permanently to India?

You were US resident part of the year (or at least had US-sourced income, I'm assuming you were resident), so yes - you should be filing a tax return. Since you returned to India, this would be a dual-...
littleadv's user avatar
  • 176k
12 votes

Why do some employees fill out a W-4 and some don't?

There's two cases to consider where co-workers aren't really employees of the company: Self-employed These workers are independent contractors paid via a 1099. As self employed, they pay tax ...
user71659's user avatar
  • 3,644
12 votes
Accepted

Is it legal for a company to deduct their FICA match from a W2 employee's pay?

If you're a 1099 contractor, you're considered self-employed. You'd be responsible for both the employer and employee portion of Social Security and Medicare taxes (this is SECA for self-employed ...
Stan H's user avatar
  • 7,551
11 votes

Payroll tax on wheat given as wages

Conceptually, you should think of it like this: You issue your employee a paycheck, and your employee then turns around and purchases the amount of wheat from you which equals the entire net amount of ...
TTT's user avatar
  • 47.2k
10 votes

Does an employee have the right to pay the federal and state taxes themselves instead of having employer doing it?

You can file a revised W-4 with your employer claiming more allowances than you do now. More allowances means less Federal tax and (if applicable and likely with a separate form) less state tax. This ...
BobbyScon's user avatar
  • 14k
10 votes

Payroll tax on wheat given as wages

Farm income is a separate beast under Schedule F. There may be a basis for the CPA'S assertion in regards to a farm-income concept of "commodity wages" though I don't have the expertise to ...
user662852's user avatar
  • 8,389
10 votes

IRS notice of owing money for income tax and interest

Is that really accurate? You need to find the 1099-G forms that you should have received from the state. It is possible that it didn't get to you because in another question from a year ago you ...
mhoran_psprep's user avatar
7 votes

I won't be receiving a W-2. When should I call the IRS?

Can I call IRS now or after Jan 31st? The IRS says this: "If you are unable to get a copy from your employer, you may call the IRS at 800-829-1040 after Feb. 23." Unfortunately, it does not look like ...
Nosrac's user avatar
  • 6,839
7 votes

FICA was not withheld from my paycheck

Should I have a W-2 re-issued? A W-2 can be corrected and a new copy will be filed with the IRS if your employer incorrectly reported your income and withholding on a W-2 that they issued. In this ...
NL - Apologize to Monica's user avatar
7 votes
Accepted

Received W2 from ex-employer for selling shares previously bought under ESPP

It is not a mistake. The stock was sold quickly enough to be considered a disqualifying disposition, so the ESPP discount is considered income. The amount reflected on the W-2 should be the amount ...
Magua's user avatar
  • 5,097
7 votes
Accepted

A picture of one copy from a W-2: can it be used for filing taxes?

If you are filing electronically, then as long as you can read the numbers on the cellphone photo so that you can type them in, that should be fine. You don't send the actual paper to the IRS anyway, ...
Jay's user avatar
  • 22.8k
7 votes

W-2 contractor loopholes

To be clear, if you are receiving a W-2, you are an employee, not a self-employed contractor. Before the new tax reform law, it was possible to deduct unreimbursed employee expenses. These were ...
Ben Miller's user avatar
  • 116k
7 votes
Accepted

Working as a European self-employed for an USA company

Suppose you're a US company and you want to hire a guy in Palombia to do coding for you. You may try to structure the deal such that -- according to the American law you're used to -- it is just you ...
hmakholm left over Monica's user avatar
7 votes

Do I have to wait for my W-2s to fill my tax return for the previous year?

Companies like TurboTax can import data like W-2 if its available to them, but I believe entering the 1099-MISC is a manual operation. Generally you should be paying estimated tax throughout the year ...
Morrison Chang's user avatar
7 votes

How to avoid paying tax on starting bonus that was used to reimburse a bonus from a prior employer?

You don't get to avoid paying taxes on this new income. But, you may be eligible to deduct the repayment to your previous employer. Publication 525 and its section on Repayments may provide you with ...
Todd's user avatar
  • 2,302
7 votes

Is it legal for a company to deduct their FICA match from a W2 employee's pay?

They can't legally deduct both parts of FICA and Medicare. What is supposed to happen is that you get 7.65% deducted from your pay and, independently, the employer pays an additional 7.65%. The ...
manassehkatz-Moving 2 Codidact's user avatar
6 votes

I was given a 1099-misc instead of a w-2 what are my next steps?

I agree that you should have received both a 1099 and a W2 from your employer. They may be reluctant to do that because some people believe that could trigger an IRS audit. The reason is that ...
TTT's user avatar
  • 47.2k
6 votes

Tax questions and understanding my paystub

I will handle your questions point-by-point: Plus reported tips $239 (I have never reported any) If you are working in a position that you collect tips, some of the tips you receive are from ...
mhoran_psprep's user avatar
6 votes
Accepted

W2 & Self-Employment Tax - Taxed Twice?

No - self-employment tax is to cover the 15% FICA and medicare withholdings that an employer would normally cover half of (they would pay 7.6% and withhold 7.6% from your paycheck). You would pay ...
D Stanley's user avatar
  • 136k
6 votes
Accepted

Can I deduct travel expenses even if I received a W-2?

In order to deduct travel (and other expenses), you would have to classify this as a legitimate business. In this case, even if you did get a 1099, you would still not be able to deduct expenses ...
Pete B.'s user avatar
  • 76.7k
6 votes

Is it legal for a company to deduct their FICA match from a W2 employee's pay?

The question is whether this is legal from the IRS' perspective It is not. These are taxes on the employer, you pay your own taxes. You can report them to the IRS following the instructions here. You'...
littleadv's user avatar
  • 176k

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