Lesser amount.
In lieu of the amount required to be deducted and withheld under this section, an employer and employee may agree in writing on a form prescribed and provided by the department that a lesser amount be withheld from the employee’s wages if: 1.
(1)#
The employee determines that the lesser amount approximates the employee’s anticipated income tax liability for the year.
(2)#
The employee sends a copy of the completed agreement form to the department within 10 days after it is filed with the employer.
(3)#
The agreement expires on April 30 of the following year, for calendar year taxpayers, or 4 months following the close of their fiscal year, for fiscal year taxpayers.