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New Withholding Tables May Produce Unwanted Results

Categories Tax Tips (Fed)

The IRS has released the new withholding tables (IRS Pub. 15-T) that are to be used by employers for the remainder of 2009 and in 2010.  The tables reduce the amount of federal tax that is withheld from employees’ paychecks to account for the new Making Work Pay tax credit.Now may be the time to take a look at the effects of the 2009 stimulus package withholding rules.   The lower withholding may cause some unwanted results for taxpayers with more than one job, two-earner married couples, and high income taxpayers.

Here is a withholding calculator that shows the difference between the old and the new federal withholding numbers.   This calculator can be used as a tool to help decide whether to file a new Form W-4 with your employer.

Feel free to contact me if you have questions about your withholding.

 

 

 

 

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