Adjusting withholding for new job and raise

[timk225]

If my spouse has had a pay increase, I have started a new job, and our benefit deductions pre-tax have all shifted in 2024, what tools can we use to make sure we're not underpaying too much in taxes? I used an online IRS calculator when I changed jobs but not sure if there are better tools, especially now that I have started putting some pre-tax money aside for retirement, etc.

[GabriellP]

You can use the Intuit W-4 calculator tool:

https://turbotax.intuit.com/tax-tools/calculators/w4/ 

You only need to gather a few documents (pay stubs, tax return, etc) and follow the prompts in the tool. This should give you an accurate estimate of what your withholding should be.

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[timk225]

Thanks! How can we take into account jobs held only a small portion of the year that might have included vacation payouts, as well as only having final pay and deduction amounts? It looks like putting in multiple jobs asks for both per pay period and total pay and taxes.

[KimberW]

You can enter $0 for the per-paycheck amounts on jobs that you have already ended for the year. The most important information for those jobs is the year-to-date final numbers. The vacation payouts and such would be included in the year-to-date information for that job.

Or, try using the IRS's Tax Withholding Estimator in this situation. Using that calculator, when you say that you no longer have a particular job, it only asks you for year-to-date information for that job and skips the per-paycheck information.