Purpose of This Computer Program The purpose of this
application is to help employees to ensure that they do not have too much or too
little income tax withheld from their pay. It is not a replacement for Form W-4,
but most people will find it more accurate and easier to use than the worksheets
that accompany Form W-4. You may use the results of this program to help you
complete a new Form W-4, which you will submit to your employer.
Tips For Using This Program
Have your most recent pay stubs handy.
Have your most recent income tax return handy.
Fill in all information that applies to your situation.
Estimate values if necessary, remembering that the results can only be as
accurate as the input you provide.
Consult the information links embedded in the program whenever you have a
question.
Print out the final screen that summarizes your input and the results, then
use it to complete a new Form W-4 (if necessary), and keep it for your records.
Who Can Benefit From This Application?
Employees who would like to change their withholding to reduce their tax
refund or their balance due;
Employees whose situations are only approximated by the worksheets on the
paper W-4 (e.g., anyone with concurrent jobs, or couples in which both are
employed; those entitled to file as Head of Household; and those with several
children eligible for the Child Tax Credit);
Employees with non-wage income in excess of their adjustments and
deductions, who would prefer to have tax on that income withheld from their
paychecks rather than make periodic separate payments through the estimated tax
procedures.
If you will be subject to self-employment tax or other taxes; or
If any of your current jobs will end before the end of the
year.
NOTE: The information you provide is anonymous and will only
be used for purposes of this calculation. It will not be shared, stored or used
in any other way, nor can it be used to identify the individual who enters it.
It will be discarded when you exit this program.