I started a new job a month ago and somehow my federal tax was not set up therefore federal tax was not taken out from my paychecks (2 pay periods). I made sure fed tax is set up now so taxes will be taken out from now on. Do I have to worry about this 2 pay periods missing federal taxes? Or, can I ignore this and owe some amount and pay next year when I file the taxes? *assuming that there is no penalty or interest*
Use the Withholding Calculator on the IRS web site to figure out what to put on your W-4 form. If you use your most recent pay stub and follow the instructions in the calculator, it will automatically adjust for the two missed pay periods. The IRS Withholding Calculator is at the following link.