City of
Madison

District 16

Alder Jael Currie

Image of Alder Jael Currie

Alder Jael Currie

Contact Information

Home Address:

2017 Ellen Ave
Madison , WI 53716

Council Office

Common Council Office:
210 Martin Luther King, Jr. Blvd
Room 417
Madison, WI 53703
Phone: (608) 266-4071
Fax: (608) 267-8669
WI Relay Service

Alder Currie’s Updates

Federal Tax Deferral

September 3, 2020 12:44 PM

Sometime this month you may get a paycheck that is a little larger than normal.  I have run into a few folks who are excited about the prospect of having more money to spend.  Please be careful.

Unless you know you received a pay raise, the reason for the increase is likely due to a deferral of the withholding of federal taxes on your paycheck.  You can tell for sure by looking at your paystub.

It is not a tax cut.  It is a tax deferral.

If you live paycheck-to-paycheck and normally receive a refund when you file taxes, you should know that this deferral will result in your receiving a smaller federal tax refund (if any at all) or having to write a check to the IRS for taxes owed when you file your tax form.

I cannot provide tax advice as I am not a tax professional.  I simply want to encourage you to do your own homework and not be caught off guard when tax time rolls around in April.

 




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