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Question Understanding the W4

Every year I am having to Pay the Federal Government, what do I need to do to get an estimate of my taxes for the year and should I take the difference of the estimate and place it in the line item for additional taxes to be deducted?

 

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4 Replies
AskTxBrenda
Employee Tax Expert

Question Understanding the W4

Here are a few tips on filling out the W-4, with a calculator attached to see what you need to be having withheld. 

Simply add an additional amount on Line 4(c) for "extra withholding." That will increase your income tax withholding, reduce the amount of your paycheck and either jack up your refund or reduce any amount of tax you owe when you file your tax return.

 

By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period.

If you have 2 or more jobs -

When filling out your W-4 forms, there are a few tips to keep in mind: For the job where you make the most money, claim all of the allowances you normally would on the W-4 form. For any other job that you have (your second job for example) claim zero.

If you want to owe the least amount when filing your taxes, you will claim 0 on the W-4, so the job will withhold at a higher rate. This is important especially if you have more than 1 job.

If you didn't account for each job across your W-4s, you may not have withheld enough, so your tax refund could be less than expected.

 

Calculator - https://apps.irs.gov/app/tax-withholding-estimator

Instructions - https://www.irs.gov/pub/irs-pdf/fw4.pdf

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rschule1
Expert Alumni

Question Understanding the W4

Hi There

 

On form W4 step 4C, you will be able to withhold extra federal income tax.

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Question Understanding the W4

Hello:  

I currently file Married/File Separately, I was under the assumption based on the updated W4 form that the IRS was taking the appropriate taxes being deducted from my pay, but at the end of the year I am having to owe the IRS.  What must I do to correct this situation for 2024?

LynnMcQ
Expert Alumni

Question Understanding the W4

Many things impact how much you may need to have withheld including any credits you have be eligible for and whether or not you tax liability will be based on more than one income.

 

You might try using the W-4 Calculator tool.  This will give you a better understanding of all of the things that go into calculating your proper withholding amount, and you can use it throughout the year to adjust your withholding if your circumstance changes.

 

Hope this helps!

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