September 11, 2019
IRS Tax Withholding Estimator
From the desk of MM’s Payroll Department…
No one wants to be surprised with taxes being owed when tax returns are filed! The end of summer is a great time for a payroll check up with the employees of your organization. The IRS has released a new Tax Withholding Estimator for employees to make sure they are having the correct amount of tax withheld. The new estimator is more detailed making it more accurate.
Please send the content below to your employees. If they wish to make any withholding changes, the W-4 forms can be found on our website. Once completed, sending them in to your Payroll Specialist at Miller Management will insure the corrected withholding begins.
From the desk of the IRS…
All taxpayers should use the new Tax Withholding Estimator to do a Paycheck Checkup. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. The money withheld from an employee’s paychecks throughout the year should cover the amount of tax they owe.
Taxpayers who haven’t yet checked their withholding can follow these simple steps for using the estimator. Results will include a recommendation of whether the taxpayer should consider submitting a new Form W-4, Employee’s Withholding Allowance Certificate, to any of their employers.
Step 1: Gather documents.
Before beginning, taxpayers should have a copy of their most recent pay stub and tax return. Taxpayers should go to the main Tax Withholding Estimator page on IRS.gov. Once there, they should carefully read all information and click the blue Tax Withholding Estimator button.
Step 2: Answer the questions.
Users will answer a series of questions about their specific tax situation. When they complete each section, they click the blue “Next” button that takes them to the next section.
Step 3: Review the results.
Taxpayers use the estimator’s results to determine if they need to complete a new Form W-4, which they submit to their employer, not to the IRS. The tool helps the user target a tax due amount close to zero or a refund amount.
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