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2020 Paycheck Tax Withholding Calculator

At the end of the PAYucator you will see detailed instructions on how to change the W-4 or increase or decrease your Tax Withholding per paycheck.

Each calculator section will indicate if and how it corresponds to the W-4 form. Open the W-4 and follow these simple steps with the PAYucator. Keep in mind that the W-4 form is a planning tool; a tax return is not. Thus you can use the W-4 to adjust your IRS Tax Withholding (e.g. use Dependents) even if you don't have any.

Your Paycheck
Tax Withholding

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, pay period paycheck 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 as to how to complete the new W-4. Completing a W-4 or planning for paycheck Tax Withholding should also include to estimate your 2020 Tax Return.

First, make yourself familiar with your pay period paycheck. Here is how a sample paycheck looks like. The W-4 form is nothing but a planning tool that helps you achieve the per pay period IRS Tax Withholding amount. The W-4 is not as legally binding as a tax return, thus use it as a planning tool.

Since the actual W-4 Form does not give you the actual IRS Tax Withholding amount, the PAYucator does based on what you enter on the W-4 form. It 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 Allowances as you might know them from older W-4 Forms. For example, 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.

Keep in mind that 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 overestimated 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.

Important: While you use the PAYUcator, have a copy of your paycheck and the new W-4 Form open.

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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P1 Select Your Filing Status

Step 1c of the W-4

P2 How Often Do You Get Paid

W-4 Worksheet

P3 Enter your Gross Paycheck Amount

$
Next

P4 Health Plan Contributions per Pay Period

If no contributions, enter 0

$
Next

P5 Health Savings Account (HSA) Contributions per Pay Period

If no contributions, enter 0

$
Next

P6 Retirement/401K Contributions per Pay Period

If no contributions, enter 0

$
Next

P7 Other Pre-Tax Deductions per Pay Period

If no deductions, enter 0

$
Next

P8 You have a per pay period taxable income of
$

Now, continue through the rest of the PAYucator and answer questions about other tax scenarios you might have.

P9 Do You Have Dependents?

Step 3 of the W-4

 

P10 How many of your Dependents
qualify for the Child Tax Credit?

P11 How many qualify for the
Credit for Other Dependents?

P12 Enter Number of Active Jobs

Yours and Spouse, Step 2 of the W-4

 
Next

P13 Other Yearly Income

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

$
Next

P14 Other Estimated Annual 2020
Tax Return Deduction Amount

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

$
Next

P15 Enter Extra Federal Tax Withholding per paycheck

Step 4c of the W-4

P16 Gross Income per Pay Period

$

Your Estimated Net Pay Check per Pay Period

$0.00

$


Other Estimated Pay Check Items per Pay Period
Pre-Tax Deduction

$

Medicare Withheld

$

Social Security Withheld

$

If you want to change your Federal Tax Withholding per pay period click the button below.

P17 Not Satisfied with the Results?

Not sure? More Details

Learn How To Decrease Your Tax Withholding

Here is a list of PAYucator sections that you can change to decrease your IRS tax withholding per pay period for this job via this W-4. Scroll back up to the section and make any of these suggested changes and monitor the results:

  • P1 - If your filing status is Single or Head of Household, change it to Married Filing Jointly.
  • P9 - If you did not selected to have one or more Dependent(s), add Depedents now.
  • P10 - Add or increase the Number of Dependents that are under the age of 17 for the Child Tax Credit.
  • P11 - Add or increase the Number of Other Dependents.
  • P12 - If you selected 2 active jobs reduce it to 1.
  • P13 - If you had entered Other Income, reduce the amount or bring it to 0.
  • P14 - Add or increase the Dollar Amount of Tax Return Deductions.
  • P15 - If you entered Extra Federal Tax Withholding reduce the amount or bring it to 0.

The W-4 is a planning tool, and the above steps will help you reduce your tax withholding for this job. Even if some or all of these points do not apply to you, you can use them here to reduce your withholding. Contrary to your tax return, you cannot do this when filing your taxes, as a tax return is the actual report of your income and deductions etc. You must report accurate numbers on your tax return.

Learn How To Increase Your Tax Withholding

Here is a list of PAYucator sections that you can change to increase your IRS tax withholding per pay period for this job via this W-4. Scroll back up to the section and make any of these suggested changes and monitor the results:

  • P1 - If your filing status is Married Filing Joint, change it to Single or Head of Household.
  • P9 - If you did have Dependents, reduce or bring it to 0.
  • P10 - Decrease the Number of Dependents that are under the age of 17 for the Child Tax Credit.
  • P11 - Decrease the Number of Other Dependents.
  • P12 - If you selected 1 active jobs, increase it to 2.
  • P13 - Increase the amount of Other Income.
  • P14 - Decrease the amount of Tax Return Deductions or bring it to 0.
  • P15 - Increase the amount of Extra Federal Tax Withholding.

The W-4 is a planning tool, and the above steps will help you reduce your tax withholding for this job. Even if some or all of these points do not apply to you, you can use them here to reduce your withholding. Contrary to your tax return, you cannot do this when filing your taxes, as a tax return is the actual report of your income and deductions etc. You must report accurate numbers on your tax return.


Once you are pleased with the results above, enter the data on the W-4 as show in the PAYucator.

Create Your W-4

 

Taxercise your Paycheck 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 assistance, 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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