WITHHOLDINGS - Blanco Income Tax Services LLC

WITHHOLDING CALCULATOR

Blanco Income Tax Services LLC

W-4 WITHHOLDING CALCULATOR

It is important that your tax withholding match your tax liability. Your tax liability is the amount of money that you owe to the government in federal taxes, taking into account any tax credits for dependents, mortgages, or charity. If your withholding doesn't take these into account, you could be having too much withheld from your paycheck. This means you will not be able to access money that is rightfully yours until you receive your tax refund. Alternatively, if not enough tax is withheld from your paycheck, you will owe tax at the end of the year and may have to pay interest and a penalty.

Always check your withholding with this tool if there are personal or financial changes in your life that might change your tax liability, for example new employment or a promotion changing income amount, or new family members altering the number of dependents you claim.

HOW MUCH INCOME TAX DO I PAY AND HOW MUCH TAX SHOULD BE WITHHELD?

Discover how your tax withholdings match your tax liability with this W-4 Tax Withholding Calculator.

1) Have relevant financial income information such as your paystub and last year's tax return ready for reference.

2) Enter in your tax from last year if your financial situation this year will be similar. This can be found on your tax return from last year.

3) Enter in the amount of federal tax that has been withheld to date this year from each source of income.

4) Enter how many jobs you and your spouse, if applicable, hold.

5) Enter how much federal income is withheld from your paycheck each payday, then enter how many paydays are remaining for this year.

6) View your withholding. If your withholding is too low or too high, contact a Blanco Income Tax Services LLC professional to help you update your W-4 form.

Blanco Income Tax Services LLC Withholding Calculator is a tax estimator tool only and should only be used to calculate an individual's estimated tax withholdings. Blanco Income Tax Services LLC Withholding Calculator is not intended to serve as an online tax preparation tool for either a federal or state income tax return, or any other return; any other use is strictly prohibited. Blanco Income Tax Services LLC and its affiliates make no representations, warranties or guarantees about and assume no responsibility for the content or application of the material contained herein and expressly disclaim all liability for any damages arising out of the use of, reference to or reliance on the Blanco Income Tax Services LLC Withholding Calculator.

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