Hey guys. It’s hard out there right now and everyone deserves a raise. Go give yourself a 5 percent raise. Claim exempt on W2 Create HYSA deposit tax money into HYSA. Pay when you file, keep the interest. Give yourself 2-5 percent raise. Please like this post if you found it useful. 🙏 #Google #Apple #Microsoft #Amazon #Meta #Alibaba #Tencent #Samsung #Intel #IBM #Cisco #Oracle #SAP #NVIDIA #Salesforce #PayPal #Adobe #Broadcom #Qualcomm #ASML #DellTechnologies #Sony #ServiceNow #Block #Zoom #Spotify #Snap #Twitter #Shopify #Roku #EpicGames #Airbnb #Uber #Lyft #Slack #WeWork #Stripe #Coinbase #Robinhood #Tesla #SpaceX #ByteDance #Didi #Meituan #Baidu #Xiaomi #Huawei
Don't do this as is - you will get hit with underpayment penalties (https://www.investopedia.com/terms/u/underpaymentpenalty.asp). If you want to do the work, you can reduce withholdings to meet safe harbor minimums for both IRS and state (works if you had a big income jump this year since you can pay based on last year's income). Or reduce it to 0 withholding but pay estimated taxes quarterly with a credit card and make 0.7% in net cashback
My AGI doesn’t exceed 150k after deductions so I don’t get hit with it.
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Won’t you have to pay tax penalties come tax filing season?
What for? As long as you pay when you file there is no penalty before April deadline.
iirc if you under-withhold on income taxes (on your salary/equity vests etc), there are tax penalties owed, but I might be wrong