Hello !
How do i get more money back on my paycheck?
last year tax withheld on my account was around 18,000 and return is around 8,000.
Circumstances have changed for me and i need to see more money on my paycheck so be able to manage expenses.
pls advise on how i can get more back on my paycheck.
Thank you.
Hi Sguptarph, It can be tricky finding that sweet spot of just the right amount of tax withheld so you don't owe and don't receive too large of a tax refund.
There is a W-4 Calculator that will take you step-by-step through the worksheet,
https://turbotax.intuit.com/tax-tools/calculators/w4/
Once you complete the form, give it to your employer. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding. I understand you want less withholdings and more in your paycheck, so it will be a good idea to compare your 2021 total tax from your 2021 tax return to your year-to-date federal withholdings from your most recent paycheck to make sure you are still having enough withheld and will not owe when filing your 2022 tax return.
I hope you find this helpful!
Hi Sguptarph, It can be tricky finding that sweet spot of just the right amount of tax withheld so you don't owe and don't receive too large of a tax refund.
There is a W-4 Calculator that will take you step-by-step through the worksheet,
https://turbotax.intuit.com/tax-tools/calculators/w4/
Once you complete the form, give it to your employer. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding. I understand you want less withholdings and more in your paycheck, so it will be a good idea to compare your 2021 total tax from your 2021 tax return to your year-to-date federal withholdings from your most recent paycheck to make sure you are still having enough withheld and will not owe when filing your 2022 tax return.
I hope you find this helpful!