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re: Payroll Screw-up...need Advice

Posted on 7/1/14 at 2:42 pm to
Posted by sneakytiger
Member since Oct 2007
2474 posts
Posted on 7/1/14 at 2:42 pm to
It'd be pretty hard to get hit with underpayment for something as small as this - see the first two items below, in particular.

quote:

Generally, you will not have to pay a penalty for 2013 if any of the following apply.

The total of your withholding and timely estimated tax payments was at least as much as your 2012 tax. (See Special rules for certain individuals for higher income taxpayers and farmers and fishermen.)

The tax balance due on your 2013 return is no more than 10% of your total 2013 tax, and you paid all required estimated tax payments on time.

Your total tax for 2013 (defined later) minus your withholding is less than $1,000.

You did not have a tax liability for 2012.

You did not have any withholding taxes and your current year tax (less any household employment taxes) is less than $1,000.
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