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Level 1
January 20, 2024
Question

How can I tell if my federal income tax withheld is accurate?

  • January 20, 2024
  • 3 replies
  • 38 views
My federal income tax withheld seems a lot less for the amount I made this year.  It is making me owe taxes for the 1st time.  How can I see if this amount is accurate.

3 replies

Level 15
January 20, 2024

That would have to involve a discussion with your employer.   And.....do you have paystubs from your 2023 paychecks?   Compare them to the amounts you are seeing in boxes 2 and 17 of your W-2.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Alumni - Intuit
January 20, 2024

As stated by, xmasbaby0, you can figure out if the amount withheld matches the amount on the W-2 by using paystubs.  On the paystubs you will add each amount of Federal withholding for each pay period to see if that total matches the amount on Box 2 of the W-2.  If not, then you will need to discuss the difference with your Human Resource Department.

 

However, The amount of tax withheld from your pay depends on what you earn each pay period. It also depends on what information you gave your employer on Form W-4 when you started working. This information, like your filing status, can affect the tax rate used to calculate your withholding.  

 

Since the exact amount that is withheld from your pay can change with each paycheck, the easiest way to figure out your tax withholding is by estimating it.

See the IRS Tax Withholding for Individuals page to:

  • Know when to check your withholding
  • Use the withholding estimator tool to estimate your tax withholding

There may be times during the tax year where you may need to adjust the withholding taxes.  You may receive increases, bonuses, new jobs etc. and therefore may need to change your withholding.  The link above will assist with making those adjustments.

 

@alicyia05 

 

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Critter-3
Level 15
January 20, 2024

A lot of employer's had the employees fill in a new W-4 form this year and the new withholding situation is a bit different than in the past ... the withholding charts are meant to keep your refund as close to zero as possible. So if you filled in a new W-4 or changed jobs then you very well could have had less withheld than in the past.