Estimate federal withholding for part time job (retired)

[Chaucertax]

Hi,

I'm a retired civil servant (older CSRS retirement system). I started a part time job last year. I noticed this year with my taxes, I owe a substantial amount in federal tax. If I delete the amount I made out of TURBO tax I go from owing taxes to a large refund.

How do I estimate the right amount of withholding for the part time job and how do I change it.

Thank you

[JohnW152]

There are a couple of very good calculators you can use to estimate your needed withholding.  You'll simply need to know what your filing status will be, the number of dependents you'll claim, your expected income, any deductions, and a few other factors.

TurboTax has a W-4 Calculator that will help you calculate your withholding for tax year 2023. 

The IRS, also, has a very useful Tax Withholding Estimator. 

And, finally, you can use the TurboTax program, itself.  See the TurboTax Help article How do I update my 2023 withholdings and print a new W-4? for more information.

[Chaucertax]

Hi 

Tks,

What makes it hard is I work a different number of hours every paycheck.  From 2 -20.  Will those calculators take those into consideration.

[MaryK4]

You can always adjust the calculations on your estimated taxes right before you pay them, that way you can use the numbers of your employment to make sure you are paying the correct amount.  @Chaucertax 

[Chaucertax]

Hi,

I want to be able to take a certain percentage out for each pay paeriod i work.  Because if I put a set amount, say $250 and I don't work that many hours , the $250 may exceed my income for that pay period.

Thank you

[ThomasM125]

You can take your tax shortfall from 2022 and divide it by your anticipated earnings from your job in 2023 and use that percentage for your additional tax withheld in 2023.