Switching W4 from claiming 1 dependant to claiming EXEMPT
What is the name of your state? FL
Hi I have a question. I work in sales and I am a straight commission person. No overtime, no salary, no sick or vacation time etc. I usually claim 1 for myself on my W4. However I was told by numerous fellow coworkers that when they get really high bonuses they switch their w4's from whatever they claim to EXEPMT too avoid getting killed on taxes. They say they never have to pay at the end of the year and do it only when checks will be really high.
I am getting married in November and trying to save up for the big day.My next two paychecks will total together about $18000 for the month of March. My question is, if I switch from "1" to EXEMPT for only one month (and then switch it back) is that illegal and will the IRS make me pay at the end of the year or will this be overlooked as long as it is not done anymore after this? I just want to have my wedding paid for tand this would do it! Thanks