You’ll likely get a tax refund — but remember, the IRS issued over 96 million refunds in 2023, with the average refund at around $3,000. That’s your money coming back.

These funds are sent to the IRS on your behalf. (This process is known as tax withholding, and you can control your withholding rate by how you fill out your Form W-4.) ...

These funds are sent to the IRS on your behalf. (This process is known as tax withholding, and you can control your withholding rate by how you fill out your Form W-4.) ...

The IRS provides a free Tax Withholding Estimator so people can determine if they need to change any amounts. This can prevent owing money or potential penalties at filing time or paying too much ...

IRS Reminder: Start Planning for Next Year With the IRS Withholding Calculator With the formal 2024 tax filing season behind us, the IRS has released a reminder that taxpayers should start ...

Typically, you don’t need to manually calculate your withholding tax. The IRS has taken some of the guesswork out of the process by creating a tax withholding estimator.

Withholding tax is the amount employers take from your paycheck for state and federal taxes. You can adjust the withholding amount using IRS Form W-4.

The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated personal exemptions for the period from 2018 to 2025. As a result, the withholding allowance has no current practical relevance.

Calculate the FICA tax first. Self-employed people pay both the employee's FICA tax and the matching employer portion. As of 2014 this meant withholding 15.3 percent of earnings.

To get the most accurate withholding, you can use the IRS's Tax Withholding Estimator to help you fill out the W-4 form. You will also want to use this tool for a variety of reasons: ...