How to reduce employer federal tax withholding
Moderator: Aitrus
How to reduce employer federal tax withholding
I just did my taxes and I am getting a refund this year. I normally do not get a refund but due to the tax law changes my taxes went way down. Although I appreciate the money back I do not desire to receive a refund check a year after I earned the money. I prefer to have less money withdrawn from my check all year but I'm unable to see how to do this on the DFAS mypay site.
The mypay site only allows you list the number of people in the household, change if you are single, married, want to be taxed at the higher rate, want to increase your tax withholding. I found no way on the site to reduce withholding other than to make up dependents but there is a warning about lying about dependents.
Anyone have ideas on how to get work to reduce the tax withholding?
The mypay site only allows you list the number of people in the household, change if you are single, married, want to be taxed at the higher rate, want to increase your tax withholding. I found no way on the site to reduce withholding other than to make up dependents but there is a warning about lying about dependents.
Anyone have ideas on how to get work to reduce the tax withholding?
- Jokerswild
- Posts: 115
- Joined: Wed Feb 22, 2017 5:58 pm
Re: How to reduce employer federal tax withholding
You can change the number of exemptions on your W-4. To figure out what works best for you, you can use the calculator on the IRS website. You should be looking at this at the beginning of each year or when a significant life event happens to find what works best for you. Your goal should be by the end of December having the least amount of federal taxes withheld without owing anything
Shawn AKA "Joker"
"How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case." - Robert G. Allen
"How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case." - Robert G. Allen
- Billionair
- Posts: 271
- Joined: Wed May 02, 2018 11:27 am
Re: How to reduce employer federal tax withholding
I like smartasset for tax and paycheck information, they have a lot of useful information as well.
https://smartasset.com/taxes/tax-return-calculator
https://smartasset.com/taxes/tax-return-calculator
-What we do in Life, echoes in Retirement-
Re: How to reduce employer federal tax withholding
I was going to say also, change your W-4. You are not making anything up where you need to worry; you are simply adjusting your federal tax which you desire.
Re: How to reduce employer federal tax withholding
Did you count the dog or cat?
Re: How to reduce employer federal tax withholding
It sounds like there isn't a solution via mypay and that I should do a manual W-4 to HR.
- Jokerswild
- Posts: 115
- Joined: Wed Feb 22, 2017 5:58 pm
Re: How to reduce employer federal tax withholding
On MYPAY, directly under Taxes, is Federal Withholding. You can adjust your W-4 that way up to 10 exemptionsxencfw wrote:It sounds like there isn't a solution via mypay and that I should do a manual W-4 to HR.
Shawn AKA "Joker"
"How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case." - Robert G. Allen
"How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case." - Robert G. Allen
Re: How to reduce employer federal tax withholding
Just write a check to me at the end of the year. Problem solved.
Re: How to reduce employer federal tax withholding
I think what you are saying is "lying about dependents" is exactly what you are looking for. Should be called "Exemptions". Raise that number, and ignore the warning.xencfw wrote:I just did my taxes and I am getting a refund this year. I normally do not get a refund but due to the tax law changes my taxes went way down. Although I appreciate the money back I do not desire to receive a refund check a year after I earned the money. I prefer to have less money withdrawn from my check all year but I'm unable to see how to do this on the DFAS mypay site.
The mypay site only allows you list the number of people in the household, change if you are single, married, want to be taxed at the higher rate, want to increase your tax withholding. I found no way on the site to reduce withholding other than to make up dependents but there is a warning about lying about dependents.
Anyone have ideas on how to get work to reduce the tax withholding?
Owner/creator of TSPcalc.com - "Know your numbers"
Re: How to reduce employer federal tax withholding
The IRS calculator worked great for me earlier this year.
I'm in the opposite boat, I had a large tax bill and needed to adjust it to avoid doing so again in the future. It allows you to figure in any additional income (such as interest, dividends, etc.), which in my case had me taking out additional $ after zero exemptions.
I'm in the opposite boat, I had a large tax bill and needed to adjust it to avoid doing so again in the future. It allows you to figure in any additional income (such as interest, dividends, etc.), which in my case had me taking out additional $ after zero exemptions.
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