Net Summer Associate Weekly Pay

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desertlaw
Posts: 679
Joined: Thu Oct 22, 2009 3:03 pm

Re: Net Summer Associate Weekly Pay

Postby desertlaw » Wed May 09, 2012 8:44 am

Na_Swatch wrote:
bceagles182 wrote:Is this really that complicated? If you're single and supporting yourself, with no additional income, can't you just put 1 allowance and be fine? I've done this with every job I've had previously.


if you put down one allowance they tax you as if you were making 160k that year... ur only making 30k. So you'll get taxed at least 4x the amount you actually need to be.


by taxing, you mean they'll withhold the money.

Which means that more $ will go to the gov't now (you're basically giving fed gov't a loan) but you'll get it back as a refund when you do your 2012 taxes. So if your firm doesn't want you to jack up the allowances or you just are afraid to, don't think that you'll never see that money again. You just won't have it until you get your refund.

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RMstratosphere
Posts: 443
Joined: Fri Jul 10, 2009 2:25 pm

Re: Net Summer Associate Weekly Pay

Postby RMstratosphere » Wed May 09, 2012 9:28 am

I used that online calculator posted earlier and it suggested I take 33 withholdings. Can that be right?!

desertlaw
Posts: 679
Joined: Thu Oct 22, 2009 3:03 pm

Re: Net Summer Associate Weekly Pay

Postby desertlaw » Wed May 09, 2012 9:39 am

RMstratosphere wrote:I used that online calculator posted earlier and it suggested I take 33 withholdings. Can that be right?!


That's basically what I got too. I've read in other threads that some firms discourage SA's doing that because it means they'll/you'll probably get audited. But other SA's on these threads have said their firm just encouraged it. So I guess we'll have to wait and see.

CyLaw
Posts: 1557
Joined: Thu Jul 17, 2008 1:59 pm

Re: Net Summer Associate Weekly Pay

Postby CyLaw » Wed May 09, 2012 10:27 am

desertlaw wrote:
RMstratosphere wrote:I used that online calculator posted earlier and it suggested I take 33 withholdings. Can that be right?!


That's basically what I got too. I've read in other threads that some firms discourage SA's doing that because it means they'll/you'll probably get audited. But other SA's on these threads have said their firm just encouraged it. So I guess we'll have to wait and see.


The previous requirement to report W4's claiming more than 10 allowances has been removed by the IRS. --LinkRemoved--. Lock-in letters now result from withholding issues identified by the IRS based on the W-2 at the end of the year. http://www.irs.gov/taxtopics/tc753.html

Granted, you will have to do what the firm tells you to do, but try showing them a print out from the IRS calculator if they question your allowances.

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Na_Swatch
Posts: 472
Joined: Sun Sep 20, 2009 4:40 pm

Re: Net Summer Associate Weekly Pay

Postby Na_Swatch » Fri May 11, 2012 2:27 am

desertlaw wrote:
Na_Swatch wrote:
bceagles182 wrote:Is this really that complicated? If you're single and supporting yourself, with no additional income, can't you just put 1 allowance and be fine? I've done this with every job I've had previously.


if you put down one allowance they tax you as if you were making 160k that year... ur only making 30k. So you'll get taxed at least 4x the amount you actually need to be.


by taxing, you mean they'll withhold the money.

Which means that more $ will go to the gov't now (you're basically giving fed gov't a loan) but you'll get it back as a refund when you do your 2012 taxes. So if your firm doesn't want you to jack up the allowances or you just are afraid to, don't think that you'll never see that money again. You just won't have it until you get your refund.


Yeah I didn't mean you never get to see the money... But it is like you just handing the gov a free $8000 loan with no interest whatsover for 8 or so months

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blurbz
Posts: 1229
Joined: Mon Jun 29, 2009 10:43 pm

Re: Net Summer Associate Weekly Pay

Postby blurbz » Fri May 11, 2012 2:34 am

My firm has an "alternate withholding calculation" that we can opt into by checking a box. Pretty sweet.

desertlaw
Posts: 679
Joined: Thu Oct 22, 2009 3:03 pm

Re: Net Summer Associate Weekly Pay

Postby desertlaw » Fri May 11, 2012 6:22 am

Na_Swatch wrote:
desertlaw wrote:
Na_Swatch wrote:
bceagles182 wrote:Is this really that complicated? If you're single and supporting yourself, with no additional income, can't you just put 1 allowance and be fine? I've done this with every job I've had previously.


if you put down one allowance they tax you as if you were making 160k that year... ur only making 30k. So you'll get taxed at least 4x the amount you actually need to be.


by taxing, you mean they'll withhold the money.

Which means that more $ will go to the gov't now (you're basically giving fed gov't a loan) but you'll get it back as a refund when you do your 2012 taxes. So if your firm doesn't want you to jack up the allowances or you just are afraid to, don't think that you'll never see that money again. You just won't have it until you get your refund.


Yeah I didn't mean you never get to see the money... But it is like you just handing the gov a free $8000 loan with no interest whatsover for 8 or so months


To be fair, the gov't has loaned us law students a lot of money so far, so I guess we could look at giving them a short-term loan as a nice gesture to return the favor ;)




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