By Payroll and Entitlements Editorial Staff
The IRS has urged taxpayers to use the IRS Tax Withholding Estimator to do a Paycheck Checkup for monitoring that the right amount of tax is withheld. The Service recommends that anyone who changed their withholding this year or received a tax bill after they filed their 2019 return should do a Paycheck Checkup.
Withholding tax estimator. The Tax Withholding Estimator, a tool on the IRS website, is designed to help taxpayers determine how to have the right amount of tax withheld from their paychecks. It offers workers, retirees, self-employed individuals and other taxpayers a clear, step-by-step method to help determine if there is a need to adjust their withholding and submit a new Form W-4 to their employer. (IRS News Release IR-2020-149, July 10, 2020).
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