November 22, 2020

IRS Tax Withholding Estimator

IRS Tax Withholding Estimator hI I’M CHRIS AND I WORK FOR THE INTERNALREVENUE SERVICE. DID YOU RECENTLY GET MARRIED HAVE A BABY OR ADOPT A CHILD? DID YOU START.

A NEW JOB? OR GET A RAISE? WAS YOUR TAX REFUND NOT WHAT YOUEXPECTED. OR DID YOU OWE ADDITIONAL TAX WHENYOU. LAST FILED? IF ANY OF THESE SITUATIONS DESCRIBE YOU IT’S TIME TO USE THE I-R-S TAX WITHHOLDING ESTIMATOR. WITHHOLDING REFERS TO THE AMOUNT OFFEDERAL INCOME TAX TAKEN.

OUT OF YOUR PAYCHECK. TAXES ARE PAY-AS-YOU-GO. THIS MEANS YOU PAY YOUR TAX DURING THE YEAR AS YOU MAKE MONEY.

RATHER THAN PAYING IT ALL AT ONCE AT THE END OF THE YEAR. IF YOU HAVE TOO LITTLE TAKEN OUT YOU WILLOWE TAX, AND MAYBE A PENALTY. IF YOU HAVE TOO MUCH TAKEN OUT YOU WILLGET.

A REFUND. TO USE THE TAX WITHHOLDING ESTIMATORYOU WILL NEED TWO DOCUMENTS YOUR MOST RECENT TAX RETURN AND YOUR MOST RECENT, PAY STUB. THE WITHHOLDING ESTIMATOR WILL HELP YOU DETERMINE IF YOU NEED TO FILL OUT A NEW I-R-S FORM W-4. IF THE ESTIMATOR SUGGESTS, THAT YOU NEEDTO CHANGE YOUR WITHHOLDING THEN YOU SHOULD COMPLETE AND SUBMIT A NEW FORM W-4 TO YOUREMPLOYER AS SOON AS POSSIBLE. THE EARLIER YOU CHECK AND. GIVE THE NEWW-4 TO YOUR EMPLOYER THE MORE TIME THERE IS FOR WITHHOLDING TO TAKE.

PLACE EVENLY DURINGTHE REST OF THE YEAR. YOU CAN ALSO USE THE ESTIMATOR IF.

YOU’RESELF-EMPLOYED OR IF YOU PAY TAXES ON A PENSION. ALSO IF YOU, WANT A BIG REFUND OR NO REFUND THE ESTIMATOR CAN TELL YOU HOW YOU CAN DOTHAT. BY THE WAY THE ESTIMATOR DOES NOT ASK FORYOUR NAME.

SOCIAL SECURITY NUMBER ADDRESS OR BANK ACCOUNT NUMBER. AND THE I-R-S DOES NOT KEEP THE INFORMATION YOU ENTER. IF YOUR.

CIRCUMSTANCES CHANGE REVISIT THE I-R-S TAX WITHHOLDING ESTIMATOR AND ENTERYOUR UPDATED INFORMATION TO MAKE SURE.

YOUR WITHHOLDING IS STILL CORRECT. TO GET STARTED GO TO I-R-S-DOT-GOV-SLASH-WITHHOLDING..

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