If you haven’t done this already, you can increase or to decrease your income tax withholding during the furlough. So if you are withholding at Zero, increase to 8 or 10. The max is Ten. What this does is pretty much balances you out since you will only be taxed on what you make. So since we are currently only getting paid for 32 hours per week vs 40 hours, it should balance out where you will continue to receive the same amount you would get working 40 hours per week vs 32 hours per week.
(You can change your withholding on Mypay. It will look like this.)
**Note: Plsss consult your Tax Adviser. Everyone has different life situations.. I am not a Tax adviser. I am just giving you tips to help you during the furlough based on what I have done.
**Also make sure once the furlough stops, you switch back to what you would normally withhold out of your paycheck for taxes. You don’t want to owe taxes next year because you didn’t switch it back.**
One more thing, ask your tax adviser where you should have your withholding’s so you get most of your money throughout the year. If you like getting a big check every year, then leave it like it is, but if you want to see most of your money through the year like I do, up your withholding’s so that you either even out or get little back from your refund..
Hopes this helps you guys!! 🙂
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