2020 Paycheck Tax Withholding Calculator

Use this tool while you have the new W-4 Form open as well. On the 2020  W-4 formStep 3 and 4b have become the new "Allowances" as you might have used them on older W-4 Forms. Increase the amounts in Step 3 and 4b and your Tax Withholding will decrease per paycheck/pay period and vice versa! Please bookmark and visit this page as new additional features will be added.

Your Paycheck
Tax Withholding

After just a few paycheck related entries, the PAYucator tool below will provide you with your actual paycheck Federal or IRS Tax Withholding amount per selected pay period during Tax Year 2020. The new 2020 W-4 Tax Withholding Form no longer lets you enter Allowances. As of Jan. 1, 2020, you determine your 2020 IRS paycheck tax withholding by tax return filing status, number of jobs, total income, and most importantly by the estimated number of dependents and estimated tax return based tax deductions, extra tax withholding, etc. Many taxpayers are at a loss on how to complete the new W-4. Because of this, we have created the PAYucator for you, to help you learn and understand how your W-4 affects your tax return. State related tax withholding amounts are currently not included in the PAYucator.

W4, Tax Withholding and Tax Refund

Whatever you enter on the W-4 Form, the W-4 Form will not provide you then and there with the actual Tax Withholding amount you can expect with your next paycheck. You will have to wait for your next paycheck to see the actual tax withholding amount. The PAYucator not only will provide you the estimated IRS tax withholding amount, it assists you in completing your W-4 as well by changing the entered values (e.g. Dependents, Deductions, etc.). In essence, Step 3 - Dependents - and Step 4 line item 4(b) - Deductions - of the new W-4 have become the new Allowance as you might know them from older W-4 Forms. If you estimate and increase the Dependents and/or Deductions on the W-4, you will decrease your tax withholding amount on your next paycheck.

Planning your tax withholding per paycheck without planning your next tax return is a bit like the left hand does not know what the right hand is doing. Completing a W-4 or plan for paycheck Tax Withholding should not be done without first planning your Tax Return! Thus, we encourage you to find out whether you can expect a tax refund or not based on your tax withholding, use the eFile.com 2020 Tax Return Estimator now. Keep in mind, a tax refund with your 2020 Tax Return in 2021 is nothing more than getting your hard earned tax withholding money back again after you handed it interest free to the IRS or State Agency throughout the year due to over estimated Tax Withholding amounts. Let the eFile.com Taxometer help you define your 2020 tax return goals and tax withholding amounts as a basis to complete the new 2020 W-4 Form.

Estimate your 2020 Paycheck Tax Withholding
eFile.com PAYucator

 

How much Federal Tax will be withheld from your paycheck.

Start the PAYucator

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Select Your Filing Status

Step 1 of the W-4

Select Your Pay Period

W-4 Worksheet

Other Yearly Income

(Without Tax Withholding)
Optional, Step 4a of the W-4

$
Next

Enter Number of Active Jobs

Yours and Spouse, Step 2 of the W-4

 
Next

Do You Have Dependents?

Step 3 of the W-4
Not sure? Ask the DEPENDucator

 

How many of your Dependents
qualify for the Child Tax Credit?

Not Sure? Ask the
KIDucator

How many qualify for the
Credit for Other Dependents?

Not Sure?

Other Estimated Annual 2020
Tax Return Deduction Amount

Step 4b of the W-4, do not include your Standard
Deduction amount of .

$
Next

Enter Extra Federal Tax Withholding per paycheck

Step 4c of the W-4

Your Estimated Federal Tax Withheld
From Each Paycheck:

$

This estimated withholding amount is % of your pay period income.

Your Estimated Medicare Tax Withheld
From Each Paycheck:

$

Your Estimated Social Security Tax Withheld
From Each Paycheck:

$

If you do not like this Tax Withholding amount, change the number of Dependents or Deduction amount section of the PAYucator or sections 3 and/or 4b of the W-4 until the estimated IRS Tax Withholding amount matches your Tax Return Goal for Tax Year 2020.

Complete, sign and download or share the new 2020 Form W-4

 

Taxercise your Payecheck and 2020 Tax Refund now

After you have completed your PAYucator calculation, continue your 2020 tax planning with the 2020 Tax Return Estimator. The 2020 Tax Return results will enable you to further adjust your W-4 or Tax Withholding so you can meet your personal Tax Return goals for 2020.

We at eFile.com realize this might be a challenging task for some taxpayers. If you need further assitance please don't hesitate to contact us now, so one of our Taxperts can guide you though this tax withholding maze.

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