Exemption from withholding question

[Wassdeet]

CA

I am a retired screenwriter and sole income is pretty much pensions and savings and residuals. Can I claim "exemption from withholding" on one particular entertainment payroll company that always taxes my residuals as "weekly" rather that quarterly and thus taxes me at the highest rate. My annual income from above sources and odd jobs is around $18K.

 

[LdiJ]

CA

I am a retired screenwriter and sole income is pretty much pensions and savings and residuals. Can I claim "exemption from withholding" on one particular entertainment payroll company that always taxes my residuals as "weekly" rather that quarterly and thus taxes me at the highest rate. My annual income from above sources and odd jobs is around $18K.

Your can only legally claim exempt from withholding if you actually end up owing no tax at all when it comes time to do your tax return. However, you can adjust your withholding as long as it basically covers your tax.