I am single and retired with a variety of sources for taxable income. How do I figure out my Tax Withholding Election (i.e. what to tell a income source (company) when determining Fed & California State withholding deduction). I indicate "1" Withholding Election" (for being single) with each company but not enough tax is deducted from my payout (checks) because the income from each source is not a huge amount. How do I figure out what to tell each source of income regarding Fed & CA state tax withholding deductions?
The best way to figure out your withholding is to use our resources here : https://turbotax.intuit.com/tax-tips/irs-tax-forms/how-to-estimate-federal-withholding/L99CO0yTK This link includes our withholding calculator which is very easy to use and allows you to enter multiple streams of income :https://turbotax.intuit.com/tax-tools/calculators/w4/
Hi dgmsa707!
When you have several different sources of income it can be difficult to figure out the correct amount of withholding. On the W4 there is a section for multiple jobs that can help you. In addition, you can use our W-4 calculator.
https://turbotax.intuit.com/tax-tools/calculators/w4/
You can also use the IRS withholding estimator.
https://www.irs.gov/individuals/employees/tax-withholding
Here is a copy of the W-4;
https://www.irs.gov/pub/irs-pdf/fw4.pdf
I hope this helps!