IRS Withholding Calculator

[FunkBuddha]

I don't know if this goes in Freedom Living or not so move it if necessary.

My wife and I have tried to get the number of allowances we claim so that we don't over pay the man for years. Come to find out, the IRS has a calculator on their web site.

http://www.irs.gov/individuals/page/0,,id=14806,00.html

We kept getting money back at the end of the year. Now I think we've finally got it right. I can't believe the IRS would make it so easy for you to keep them from making interest on your money.

[angelatc]

Tax laws change mid year sometimes though. It is a good start, that's for sure.

We have used it to adjust our withholdings to avoid a tax bill at the end of the year, when we had to dip into the retirement money.

A lot of people like getting that big check back. I never understand it.

[smithtg]

Tax laws change mid year sometimes though. It is a good start, that's for sure.

We have used it to adjust our withholdings to avoid a tax bill at the end of the year, when we had to dip into the retirement money.

A lot of people like getting that big check back. I never understand it.

I agree with the whole mentality about getting a refund; how stupid

and I dont understand why I have to pay each year for the past 2 or 3. I think it has to do with my wife's withholding being part time; we even told them to withhold $100 in each biweekly check and this didnt help either

Hey at least Im collecting interest instead of them, but Id rather have a value less that +/-$50 at the bottom of my 1040 - oh well

[FunkBuddha]

I agree with the whole mentality about getting a refund; how stupid

and I dont understand why I have to pay each year for the past 2 or 3. I think it has to do with my wife's withholding being part time; we even told them to withhold $100 in each biweekly check and this didnt help either

Hey at least Im collecting interest instead of them, but Id rather have a value less that +/-$50 at the bottom of my 1040 - oh well

Try out the calculator. It has provisions for part-time work.

[tmosley]

Excellent, I've been needing to do this. I was going to talk to my CPA about it in a couple of weeks, but it looks like I can go ahead and do it now instead.

[angelatc]

I agree with the whole mentality about getting a refund; how stupid

and I dont understand why I have to pay each year for the past 2 or 3. I think it has to do with my wife's withholding being part time; we even told them to withhold $100 in each biweekly check and this didnt help either

Hey at least Im collecting interest instead of them, but Id rather have a value less that +/-$50 at the bottom of my 1040 - oh well

Run the calculator. I'd volunteer to look at it for you, but I'd just use this. :)

I haven't done payroll for a few years, but it did used to be a problem with people who used the form the government supplies, in that if you didn't claim an extra dependent or extra withholdings, you'd end up owing at the end of the year.