Check your tax withholding to make sure the right amount is being withheld from your paycheck.
Finding the right level of withholding can be a confusing. Especially if you anticipate big changes in the coming year or personal events with tax implications, like getting married, divorced, or having a child. Some general rules of thumb and an understanding of the process can help, and the IRS provides some interactive tools to help you along.
There are several reasons to check your withholding:
Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year.
At the same time, you may prefer to have less tax withheld up front, so you receive more in your paychecks and get a smaller refund at tax time.
Please refer to the following link provided by the IRS that will help you estimate the proper withholding amount:
Comments