Mortgage & Financial

Can I have my employer take a set dollar amount from my paychecks for taxes?

I used one of these tax estimator calculators that are available online and pretty much have the amount of taxes I will owe for 2008 down to a dollar amount. Do employers allow you to have them deduct a dollar amount for taxes instead of going with the number of exemptions you claim? Problem is I never know how many exemptions to claim. I am married with no kids and a rather large Mortgage.

Its not so much can they do it, as will they do it. Most programs have the capability to calculate taxes in quite a few directions. Most employers will set-up these programs to work one way and set the program. It is very difficult for an employer to cater to one person regardless of the size of the company. You would probably be better off taking a look at the circular E schedule yourself and set your filing status by using their scales shown based on you pay, deductions, etc. You can go to www.irs.gov and look for this form. This booklet is the same booklet the the employers use to set their computers annually.