KochuK
Employee Tax Expert

Get your taxes done using TurboTax

Hi Monks, thanks for the questions.

 

Below is the re-designed Form W-4 from tax year 2020 and onwards.

Form W-4 Employee’s Withholding Certificate

https://www.irs.gov/pub/irs-pdf/fw4.pdf

 

There are three ways to fine tune your withholdings: both of you

(1)  Submit a newly filled W-4, check Step 2 (c) box, which will increase your withholding and significantly reduce your paycheck;

(2) Go thru Step 2 (b), find the intersection of "higher paying job" and "lower paying job" (chart on page 4) divided by remaining pay periods, enter result on Step 4 (c);

(3) Use 

IRS Tax Withholding Estimator

https://www.irs.gov/individuals/tax-withholding-estimator

to find out what to enter on Step 4 (c).

 

You can always use IRS Direct Pay to make some estimated tax payments. If pay more than the final tax liability, you will eventually receive a refund come tax time for tax year 2022.

https://www.irs.gov/payments

 

Hope the above helps.

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