Determining how much to withhold from your paycheck can be tricky. Most of us want to withhold enough to prevent tax liability at year end; however, withholding too much can create cash flow crunches.
We’re not CPAs and certainly not IRS tax gurus; however, September is the time of year we get with our own CPA to determine if we have withheld enough or perhaps too much to cover our tax liability. (I am one of those people that love having a tax refund – it’s ‘vacation’ money, but I know many people would rather have the money in their own pocket during the year and save for a vacation if they choose!)
Click here for a link to the IRS website that provides insight into your withholding obligations or, if you would like to go straight to the withholding calculator, be sure to have handy:
- Your most recent paystub
- Your most recent income tax return
- Estimate values of current expenses (results are only as accurate as your input)
Then, click here for the IRS withholding calculator. If you find you would like your employer to change your withholding, click here for a W-4 Form.
Need help with accounting issues? Or maybe you would like a second pair of eyes to look over your current books or processes? If so, give us a call – we would love to be of service.
Barbara Rogoff opened the doors of Synthesis in 1994 with one client and a great idea: give high-touch detailed service with integrity and consistency. After spending 20+ years in corporate as right-hand to three different CEOs, Barbara learned the importance of organization and keeping a sense of humor!
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