2021, 2022 Paycheck and W-4 Check Calculator
The design of the
Form W-4 does not give you the actual tax withholding amount, therefore we have created this paycheck and integrated W-4 calculator tool for you. Now you can easily create a Form W-4 that reflects your planned Tax Withholding amount. At the end of the paycheck calculator, you will find steps on how to increase or decrease your tax withholding. You might ask yourself, how do you know if you should increase or decrease your per paycheck tax withholding? Why is this W-4 so complicated?
We suggest you lean on your latest tax return: For example, if you
received a tax refund, e.g. $1400, take that refund amount and divide it by the number of months remaining this year (if we are in May, you would have 7 months left (June - December): $1,400 divided by 7 = $200. Let's call this the refund based adjust amount. Then, look at your last paycheck's tax withholding amount, e.g. $250, and subtract the refund adjust amount from that: $250 minus $200 = $50. That result is the tax withholding amount you should aim for when you use this tool, in this example, $50.
Here on eFile.com, we removed the complication from the W-4. Use the PAYucator or W-4 Check tool below and, at the end of the paycheck calculator in section
P16.3, you will see your per paycheck tax withholding amount. Plus, you will find instructions on how to increase or decrease that tax withholding amount. When done, create the W-4 and the result of that W-4 will be based on your paycheck calculation results. Complicated? Yes, it might seem so, but since the W-4 is created this way, that is all we have to work with. Contact a Taxpert. ® if you have questions
how to save on taxes both during the tax year and when you prepare your income tax return.
Prepare to tax prepare - learn how to begin planning for your tax return by keeping track of your finances and their tax implications during the year.
What is Form W-4? The form is used to adjust your tax withholding; this page gives an overview of the form and how to fill it out and submit it. Use any of these
four W-4 form tools to further optimize your tax withholding based on your individual income situation.
Contact an eFile.com Taxpert to discuss your individual W-4 planning challenges. ®
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