Tax Withholding Calculator
2018 - 2019
Tax season is ramping up, are you ramping up for a great
big refund? Or are you stressing out over what you think
may be a great big tax bill?
either of these scenarios fit your tax filing situation,
you really need to look at your W-4 Withholding and consider
recalculating and resubmitting a new W-4 Form to your employer
Fact is, if you are dancing on the clouds with the knowledge
and anticipation of some giant tax refund, well, you just
gave Uncle Same an interest free loan.
Gee, maybe you can do that for me too, please, I really
would appreciate it, really really appreciate it!!!
All kidding aside, the habit of paying in too much and
receiving a big refund is really not that bad of an idea
for those who have trouble saving from week to week. Fact
is it is a great way to keep some cash out of your hands
and let it accumulate for a rainy day fund.
That being said, I really don't have any business teasing
anyone about interest free loans. If that's what helps you
save, go for it, I'm in full support...
Using The IRS W-4 Withholding
This employee paycheck withholding calculation tool is
supplied by the IRS for free use to anyone wishing to use
The process is really quite simple to calculate and determine
if you need to prepare a new
to submit to your employer so that the correct amount of
your income can be withheld from each paycheck in order
to pay your federal income liability.
All taxpayers should consider preparing a new Form W-4
each year if their personal or financial circumstances have
changed. In this case, it's highly likely that the amount
of taxes you pay will have changed too.
Basic instructions: Follow the guided application process
in the calculator above to determine if you should adjust
your withholding allowances based on your itemized deductions,
adjustments to your income, multiple household earners or
jobs, or certain tax credit situations.
will allow you to determine how many allowances you should
claim in order to come out close to even at year end with
For employee wages, withholding must be based on allowances
you claim, and can not be a percentage or flat amount of
your wages. Most employers allow allowance changes anytime
Once you have completed the process above, you can submit
a new W-4 Withholding Form to your employer for any changes
to take place in your employee withholding for future paychecks.