Published On Premiered Aug 7, 2022
How to fix your tax withholdings step by step.
Chapters (Time Stamps):
0:00 - 4:00 Accountants typically do not help clients with W-4s unless requested.
4:00 Start of example
6:37 Step 1 Project Taxable Income for the year
7:14 Step 2 Project Tax Liability For the Year
11:40 Step 3 Compare ACTUAL paystub withholdings against our projections
13:38 Step 4 Updating W-4 to correct the withholding issues
18:23 What about accounting for Non-Wage Income?
Publications and links needed:
RS Publication 15-T:chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/p15t.pdf
IRS Tax Withholding Estimator: https://www.irs.gov/individuals/tax-w...
Copy of last filed tax return
Copies of most recent paystubs
Access to a blank W-4
Have calculator and pen handy or excel spreadsheet to perform the calculations.