Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
cliveforgets
New Member

I just started a new job. My old withholding amount was 23% and my new amount is 34%. Doesn't this seem too high? My income was $105K and is now $140K.

 
2 Replies
Mike9241
Level 15

I just started a new job. My old withholding amount was 23% and my new amount is 34%. Doesn't this seem too high? My income was $105K and is now $140K.

have you properly prepared and submitted to your new employer form W-4?  does the 34% include state income tax?   even with state w/h it seem high so talk to your employer to find out why.

Opus 17
Level 15

I just started a new job. My old withholding amount was 23% and my new amount is 34%. Doesn't this seem too high? My income was $105K and is now $140K.

You don’t provide enough information to answer the question. Are you talking about combined state, federal, Social Security, and Medicare? Or are you talking only about federal?

 

The IRS has an online calculator to help you fill out your W-4 for federal income tax, but this does not account for state taxes or for Medicare and Social Security.

https://www.irs.gov/individuals/tax-withholding-estimator

 

If your withholding is too high, any excess would come back to you as part of your tax refund.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v