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Name a more exciting topic, I’ll wait...
All jokes aside, does anyone have experience underwithholding CT state income tax from paychecks? I’m contemplating it and understand that there is an interest charged for underpayment.
Very quick summary is that I’m essentially getting taxed double for social security this year (was able to hit the annual limit at my prior job but recently started with a new company and the payroll department can’t corroborate that I’ve already hit the limit, thus SS is again being taken out from my pay) and would like to offset with lower state tax withholdings. Would then use the hefty federal return to pay for the CT state tax deficiency + interest.
All jokes aside, does anyone have experience underwithholding CT state income tax from paychecks? I’m contemplating it and understand that there is an interest charged for underpayment.
Very quick summary is that I’m essentially getting taxed double for social security this year (was able to hit the annual limit at my prior job but recently started with a new company and the payroll department can’t corroborate that I’ve already hit the limit, thus SS is again being taken out from my pay) and would like to offset with lower state tax withholdings. Would then use the hefty federal return to pay for the CT state tax deficiency + interest.