A wage levy is one of the strongest enforcement actions the Internal Revenue Service will take. They take money out of your paycheck to pay a tax debt. Well how much? Wage levies are sent to levy sources typically your employer on form 668-W. When your employer furnishs you a copy of this wage levy complete the part listing your filing status and your exemptions and sign it. The IRS uses a table to determine how much of your take home pay is exempt from levy. In other words how much you get to keep. On a bi-weekly payroll (every two weeks 26 pay periods) single one dependent $384.62 is exempt from IRS levy and is your take home pay. On the other hand if you are married filing joint with a total of four dependents $1069.23 is exempt from IRS levy. A substantial difference so get the paperwork and fill it out if you have dependents. If $1,069.23 is exempt from levy and you make less than that every two weeks no money would be taken from your paycheck. Wage levies continue every pay period and if your wages aren't exempt from levy the IRS will hold money from your paycheck as long as you owe them
money for the tax period levied. Next post I will discuss some strategies on how to get your wage levy removed from your paycheck.
IRS or state tax problem? We've been representing taxpayers since 1986. If you hire us, you are done talking with the IRS. We do that for you. After 25 years of representing taxpayers, we understand the physical and mental toll a tax problem can have on you. Let's get started on a solution! Need a tax preparer? Bring all of your information and I will prepare your tax returns while you are here. If you have a refund, lets get it in your bank account.
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