Hi ,
Accurately estimating your withholding is essential to ensuring the right amount of taxes are deducted from your paychecks and avoiding surprises at tax time. To help you determine your tax liability, consider using the following tools:
IRS Tax Withholding Estimator – Calculates the appropriate withholding based on your total income, deductions, and tax credits.
TurboTax Withholding Calculator – Provides an estimate of your tax liability based on the information you enter.
When using these tools, ensure that you input all relevant details. If you have multiple jobs, include your combined income and complete the Multiple Jobs Worksheet on Page 3 of the W-4 . This worksheet helps determine if additional withholding is necessary.
If you prefer not to adjust your paycheck withholding, you can make estimated tax payments directly to the IRS instead.
By properly setting up your W-4, you can avoid underpayment penalties and ensure you are not over-withholding, allowing for better financial management throughout the year.
Good luck!