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Originally Posted by PANICPASS
the employer will be sending a percentage of the paychecks, before they are cashed, to the Treasury to be held in account. That is what the taxpayer says, according to the set rules, when the taxpayer signs the W4.
Actually, the W-4 doesn't say the employer will be sending a percentage of paycheck to Treasury to be held in account. What is taken out of the paycheck is a mystery. What is not a mystery is that a signed W-4 is a agreement (negotiable) to subtract digits from your paycheck. How many digits substracted is unknown until you get your paycheck. What those digits were are a mystery because they are no longer included in your paycheck to be cashed. What they subtracted and sent to the TreasuryDept is a mystery because you never receive a receipt from your employer of the payment they allegedly sent to the Treasury.
I think that what you are telling me is that the taxpayer/employee is actually cashing part of the paycheck for private credit and sending it into the Treasury through consent by signing the W4. You could be right but I do not think so.
No, the employee/taxpayer is not cashing part of the paycheck for private credit when the W-4 is signed. The employee doesn't know what he/she is negotiating when they sign the W-4. The W-4 doesn't disclose any thing will be subtracted from the paycheck unless you have stipulated the amount in $$'s on the W-4.
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It's been a while since I had to deal with withholdings but from what I remember, and my memory is pretty good, you are wrong.
There is a schedule that payroll abides by and they calculate the withholdings by how many exemptions you declare based upon your position as a taxpayer - number of children, married etc.
You agree that the W4 withholdings are not a matter of cashing part of your paycheck.
I think I have explained it well enough for the Readers to understand. If you use the stamp cashing for non-negotiable Federal Reserve Notes then there is no taxable event. At the end of the tax year, if you have no taxable events to declare private credit with the Federal Reserve, then the Treasury is obligated to release the withholdings held in anticipation of taxable events - Refund.
Regards,
David Merrill.