Bankruptcy Attorney Eric Bolves’ Books Help People Get Out Of Debt, Avoid Bankruptcy And Stop Foreclosure.

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A Reader Asks…

I recently was awarded a legal settlement of $55,000. The party paying the money is planning to pay it out on a 1099, labeled as “emotional distress” damages. I don’t know much about this, except that it will ultimately reduce the amount of taxes that are taken out. The problem is that because they are handing me a lump sum check with the 1099, they are not taking the taxes out in advance. Does anyone know how much of this I should set aside for my taxes next year?

A Reader Asks…

As a preface, I’d like to state that I fully intend to report and pay my taxes come due date. I would just rather pay them all at once rather than have them deducted weekly.
I live in NJ and work in NY City (in case that makes a difference). Is my employer required by law to withhold taxes weekly? Can I elect not to pay taxes weekly? If my employer MUST deduct, can I legally misreport on my W4 to have decrease my withholdings (claim to be married, add additional exemptions)?
I appreciate any help.