I make over 100k and have a family. I feel like my federal isn’t taking enough out. How do I know for sure?
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Hi @Keldridge85
I highly recommend that you take a look at our W-4 calculator, people find it very helpful. The W-4 has changed since we no longer have exemptions as a result of the new tax law of 2017. This has made it more difficult to accurately predict your tax liability. If the calculator shows you will owe additional taxes you can divide the amount you will owe over the remaining paychecks in the year and have that amount withheld as an additional withholding.
https://turbotax.intuit.com/tax-tools/calculators/w4/
Good luck! 🙂
Here are a few tips on making sure you are taking out enough. there is also a calculator provided to see.
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
Hi! You can check your W4 calculations by using the W4 calculator located HERE.
This calculator lets you account for several variables. You can compare these results to what is currently on your W-4.
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