pmg light blue 728

Estimated reading time: 0 minutes, 58 seconds

IRS Offers Tax Withholding Estimator

The Internal Revenue Service has launched a new online Tax Withholding Estimator. The Agency said this week the new tool replaces the Withholding Calculator.

The new Estimator is described as offering “a more user-friendly step-by-step tool for effectively tailoring the amount of income tax they have withheld from wages and pension payments.”

New features include plain language throughout the tool; the ability to more effectively target at the time of filing either a tax due amount close to zero or a refund amount; a new progress track; and  the ability to move back and forth through the steps, correct previous entries and skip questions that don’t apply. There are also enhanced tips and links; self-employment tax for a user who has self-employment income in addition to wages or pensions; an automatic calculation of the taxable portion of any Social Security benefits; and a mobile-friendly design.

The IRS says tool can handle to wages and withholding for each job held by the taxpayer and their spouse, as well as separately entering pensions and other sources of income.  After the process is complete, the Calculator makes specific withholding recommendations for each job.

Read 4383 times
Rate this item
(0 votes)

pmg light blue 300

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.