Is there a website anyone knows of that tells you how much should come out of your check for taxes. I know that it depends on how much you make and how many exemptions you claim but I'm looking for an actual breakdown. I think that my husbands company is taking out too much. Thanks for all of the help!
2007-11-23 13:27:37 · 6 answers · asked by Michelle B 2 in Business & Finance ➔ Taxes ➔ United States
You could do as Judy suggests and dig through IRS Pub 15 but it will give you a severe brain freeze. A faster and easier way would be to go here: http://www.paycheckcity.com and run the numbers yourself. The site uses the IRS formulas and is dead accurate. And it works with every state as well.
The truth is that virtually all modern payroll systems are automated and work the same way. It's extremely rare to find an employer that does payroll manually. If the wrong amount of taxes are being withheld from his pay it's a virtual certainty that he filled out his Form W-4 at his job incorrectly.
2007-11-23 15:29:13 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 2⤋
If you are specifically concerned with the federal tax (ignoring other amounts that may be withheld), then another way to look at it is not to focus on the amount being withheld from the pay check, but to calculate your estimated tax liability for the year (assuming based upon married filing jointly, using the tax tables at IRS.gov or the Form 1040 instructions). Then you can divide that by the number of pay periods and come up with an expectation of what you think should be withheld each pay period. If they are withholding too much, then make sure to file you taxes as soon as you can to claim that refund! Or as you noted, you can adjust your exemptions accordingly.
2007-11-23 23:04:33 · answer #2 · answered by The Zabler 2 · 1⤊ 0⤋
At this time of the year, sit tight. When you file your 2007 return in a few months you will learn whether too much or too little is being taken out. If you get a big refund, change the W4 to reduce the witholding.
2007-11-24 17:15:55 · answer #3 · answered by r_kav 4 · 0⤊ 0⤋
You can look at irs.gov and download publication 15 for how federal deductions are calculated. His paystub should show the breakdown of what's being taken out for each category.
There are very possibly state and local deductions in addition to federal.
2007-11-23 21:37:19 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
The publication is here.
If your husband's company is taking too much income tax, he should adjust his Form W-4. Any excess will eventually come back as a refund
2007-11-23 22:55:05 · answer #5 · answered by Anonymous · 1⤊ 0⤋
yeah www.irs.gov, it breaks it all down
2007-11-23 21:34:47 · answer #6 · answered by GG 7 · 2⤊ 0⤋