Hi
My wife and I were a bit surprised with the amount that we had to pay in taxes even after everything that was regularly deducted from our paychecks. I got a promotion close to the end of last year, so we anticipate even more for this year.
It seems we need to adjust our W-4s and fill out the Extra Withholding part, but how much?
How should I calculate the difference between the estimate total tax that we would owe and the total amount that is regularly deducted from each paycheck?
This is for 2023:
Adjusted Gross Income $ 144,809.00
Taxable Income. $ 117,109.00
Total Tax $ 16,379.00
Total Payments/Credits $ 10,098.00
Payment Due $ 6,281.00
| Effective Tax Rate. 11.31%
