If I am trying to use the Turbotax W-4 calculator and switched jobs earlier this year, I am unsure of how to use the tool correctly. How can we take into account jobs held only a small portion of the year that might have included vacation payouts, etc especially if the final paystub doesn't reflect the normal earnings? Is it OK to just use year to date gross salary and taxes? It looks like putting in multiple jobs asks for both "per pay period" and "total" pay and taxes.
Total the amount of hours worked, multiply it by the hourly pay for previous jobs. Add the amount to your current expected income to arrive at your total projected income.
Year to date covers amounts made and taxes withheld up to a certain point and changes such as raises may change the outcome at a future date. If you are a salaried employee, then your income would be the same each pay period and only change if there is a pay increase.
The more details added, the higher the accuracy as to tax liability for the end of the tax year.
Thank you for joining us today and have a great rest of your day!
SMcKnight, EA
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer.”