When to Use the Calculator for Tax Withholding
A paycheck checkup should always be done at the start of a new tax year. You can receive an unexpected tax bill or penalties when you file your taxes the next year if you make too few payments during the year. Other reasons for changing your withholding include the following:
Prior to Starting
Make careful to have the following materials on hand before using the IRS Tax Withholding Calculator:
- Latest pay stubs
- Information about other revenue sources
- Most recent tax return for income
Please remember that the accuracy of the findings depends on the information you provide. You must fill out a new Form W-4 and give it to your employer as soon as possible if you need to adjust your withholding.
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