To add to this discussion, another great tool to estimate if withholding is needed is provided by the IRS, the "Tax Withholding Estimator." This tool factors in a large number of variables including other sources of income, dependents, and year to date withholding to determine how much more withholding you'll need.
Please head to the following link for the IRS Tax Withholding Estimator - https://www.irs.gov/individuals/tax-withholding-estimator
Thank you,
Ruth, CPA, Attorney
