My wife had it happen to her today.
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What’s going on?
Someone said that big corps are changing their employees tax status, unbeknownst to them.
They are. They did our entire company a few months ago.
Is your company a really large one?
Mid-size IWhen we received our W-2s we were absolutely in shock! Many of us went down to speak to HR and found this was done recently without our knowledge
Can you explain what this means? What is a "tax status"? Is that on my W2 somewhere?
They increased the rate of pay to people to increase the amount it takes to come up with the money when it comes time for taxes that all of a sudden have to be paid instead of earned. When this all goes down - there won't be a surplus of funds ... there will be a shortage ... combined with the electric bills of the middle U.S. there will be a massive shortage of funds circulating to the positive in the U.S.
It will start a Venezuela effect.
Wait, so they said they paid more to employees than they did? What do you mean by “they increased the rate of pay?” Because my wife and I worked for the same company and both our W2s seem high on the wages. Haven’t had time to verify yet.
An increase in the number of deductions on your W4 withholding form increases take home pay slightly but not the gross pay. The tax owed stays the same but they withheld less money so you might owe (more) money in taxes when you file. They might do this to give the impression we get more money under a fake resident Biden.
This is on your w4
Oh to like exempt status or something? That’s fucked up.
However, if everyone pays ... it's a huge hit to our econonmy. Think about Agenda 21.
How is it a huge hit to the economy? As was posted above, either you pay the taxes you owe throughout the year (ie more money taken from every paycheck), or you pay the taxes you owe when you file your tax return next year (ie less money taken from every paycheck)? Either way, the economy does not care. People may be pissed when they file their return in 2022 because they owe money instead of getting a return, but that just means they took home more money throughout the year in 2021. 2022 first quarter GDP may not be as high as it could've been, but likely 1st, 2nd, 3rd and 4th quarter GDP of 2021 was an equal amount higher than it should've been.
TL;DR - total nothing burger to anyone who actually manages their money to any fraction of a degree.
A lot of people function paycheck to paycheck and are counting on a tax return. Hit them with an unexpected tax debt instead and they're screwed for awhile.