IRS w4 Calculator

[spanel]

Does someone know of a online / software / etc that I can put in for example

Married Joint
4000 kids
Income per pay and/or annual

And it show me the expected withholdings?

I have payroll software, but its a pain to do that...

Thanks!!

Chris

[rbynaker]

https://www.irs.gov/individuals/tax-withholding-estimator

[Uncle Sam]

4,000 kids - I don't think IRS has calculations for that many.

[Rapid Robert]

I don't recall that the IRS withholding calculator actually reports the expected withholding amounts, it only suggests how to fill out W-4.

"I have payroll software, but its a pain to do that..."

But the good news is, the employer also has payroll software, and unlike you, they are required to use it. So just piggy back on that!

The best approach, I've found, is to wait until May-July time frame, and examine two most recent sequential paystubs to see what the actual gross wage, taxable wage, and withholding has been to date. Because of bonuses, raises, time off, retirement plan contributions, fringe benefits (taxable and non taxable), etc, you really need a good chunk of the year already accounted for to successfully forecast the remainder of the year - the first 3 months is just too early and too subject to future changes. I use a simple spreadsheet to show the number of pay periods remaining, and because I have two paystubs, I can accurately predict the amounts expected per pay period for both federal and state on the W-2.

Once you see how far off track the taxpayer is, you can make adjustments for the rest of the year, the impact on net pay shouldn't be too severe when spread over the remaining 6-8 months. This assumes your taxpayer actually understands "pay now or pay later" when it comes to tax liability vs. refund/balance due on the return.

Of course, even wage earners can just make quarterly estimated payments.

<- click this link to see example of my spreadsheet