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Rubemon
Returning Member

Easy way to estimate tax withholding for 2021

Does anyone know of an easy way to estimate my Federal Tax withholding on each paycheck? I've used the IRS.gov calculator twice now, and it came up with 2 different amounts on the W4's. 

 

After submitting the 1st W2 to my employer, I was giving too much. Now after the 2nd time I submitted my W4, I'm not paying enough taxes. I just want to break even for the year. No refund; No payment. 

 

Does anybody have another option that easy to use? thanks. 

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3 Replies
RayW7
Expert Alumni

Easy way to estimate tax withholding for 2021

TurboTax offers a free suite of tax calculators and tools to help save you money all year long. This includes a Tax Bracket CalculatorW-4 Withholding Calculator ...

 

The W-4 Form is an IRS form that you complete to let your employer know how much money to withhold from your paycheck for federal taxes. Accurately completing your W-4 can help you prevent having a big balance due at tax time. It can also help you avoid overpaying on your taxes so you can put more money in your pocket during the year.

 

-follow this link for W-4 Calculator-

Free Tax Calculators & Money Saving Tools 2020 ... - TurboTax

Rubemon
Returning Member

Easy way to estimate tax withholding for 2021

Thanks. I tried it before and I got a completely different withholding amount than the IRS.gov calculator. I'll try it again.

 

But the IRS should make it easier for us! Like once you know what your tax liability will be,  for the year, you simply say give them a form that says, take this amount from each paycheck! (X amount times 24 pay periods etc.! or X amount for the year, divided by X amount of paychecks etc.) 

Rubemon
Returning Member

Easy way to estimate tax withholding for 2021

and by the way, the TurboTax W4 Withholding calculator is currently for 2019! Not 2021

 

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

 

W-4 Withholding Calculator Updated for Tax Year 2019. Tax Year 2020 updates coming soon

Your W-4 tells your employer how much tax should be withheld from your paycheck. Use our W-4 withholding calculator
to decide if you want to boost your refund amount or increase your take-home pay.

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