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Where Is My Paycheck?

If you withhold an "additional amount" of income on each paycheck for tax purposes... where does it go?

  • I withhold an additional 20 bucks a week (per paycheck) so that I don't owe anything at the end of the year. Where does that money go? I just attempted to do my taxes and it still says I owe money even after claiming "0" the entire year.

  • Answer:

    It goes to the IRS (or state) as you designated on the W-4. Other factors related to your income, filing status, etc., affect your total tax liability.

David B at Yahoo! Answers Visit the source

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The money is applied towards your taxes owed. If you claimed 0 and the 20.00 per week is not sufficient, you will need to increase your dollar withholding. Figure out how much you still owe and how much you already paid. Do the math and figure out how much more you need to withhold every month.

PAUL B

It goes to the government, as per the rest of your taxes. Apparently even with the extra withholding, not enough taxes were taken out. It just means that the extra you pay when you file is less than it would otherwise have been.

MadMan

The extra goes to the taxing Authority be it the IRS or your state. Claiming zero is no guarantee of still not owing.

Ariaread

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