Calculating Paycheck at Different Levels of Withholding

[Cth100]

Each year, my wife and I usually owe a few thousand dollars. I know that means we are not having enough taken out of our paychecks. My goal is to owe nothing and receive zero refund. I still need to pay my monthly bills so I can't have too much taken out.

Is it possible to calculate what my paycheck will be at different levels of withholding?

[smcknight · Accepted solution]

Not exactly. If you are salaried and your pay is the same each pay period, you can come pretty close.  On the Form W4 worksheet you can enter calculations based on your spouse income. This knowledge can assist in calculating additional withholdings if needed.  If your pay fluctuates, then it is harder to calculate. I suggest using the TurboTax W Calculator that can be found using this link:

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