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I recently graduated from school and have increased my annual income. I need help on calculating if my current deductions are sufficient or if I need to increase? Thanks!

 
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2 Replies
rjs
Level 15
Level 15

I recently graduated from school and have increased my annual income. I need help on calculating if my current deductions are sufficient or if I need to increase? Thanks!

Do you mean the tax that is withheld from your pay? Use the Tax Withholding Estimator on the IRS web site to figure out what to put on the W-4 form that you give to your employer. It will show you how to adjust your withholding to get the approximate refund amount that you want.

 

I recently graduated from school and have increased my annual income. I need help on calculating if my current deductions are sufficient or if I need to increase? Thanks!

you can also use this website to estimate your tax return for 2023 

 

https://www.dinkytown.net/java/1040-tax-calculator.html

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