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If you have cash that you want to invest. Please consider Treasury Series I Savings Bond (Electronic). Interest is 7.12% right now. While it's not guaranteed that the 7.12% will remain until next year, it's still a good deal.
My SO and I just invested 20k (10k max per person even married).
https://www.treasurydirect.gov/indiv/products/prod_ibonds_glance.htm
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I’d run that by your accountant.
Don’t quote me.. but from what I understand the only way you can be exempt via W4 is if you made less than X last year.
In other words, I wouldn’t check off that box unless you really know you’re exempt.
As long as your withholding for the year comes out close to what you end up owing, it’s fine to reduce your withholding to 0 for a couple of checks. The weekly amounts are based on people who work 50 weeks a year, so they will take out too much for freelancers who don’t work every week.
You should definitely not give the government a free loan - ideally at the end of the year, your withholding should roughly equal what you owe. If you’ve underpaid throughout the year and you have extra withheld from the last paycheck of the year, it’s still fine. Only the yearly total matters, and you only get a penalty if you underpay by more than the allowed amount (it used to be1K, but not sure it it still is). Also, you do not have to withhold more than what you owed in taxes last year, so if you’re up to that threshold you can also stop withholding.
All of this applies to W-2 income only - 1099 income requires you to pay quarterly estimated payments.
OP asked about exempting for a couple of paychecks, not for the whole year, so it’s fine as long as the required withholding was paid already.