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March 2, 2018

How much tax to withhold? This calculator should help

  • Taxpayers may find they are unintentionally over- or underwithholding for their taxes if they don't do some legwork.
    AP Business Writer

    WASHINGTON — Millions of Americans are now getting bigger paychecks as a result of the new tax law. So the government is issuing an online calculator for figuring whether enough money is being set aside.

    The calculator (https://www.irs.gov/individuals/irs-withholding-calculator) unveiled this week by the Treasury Department and the Internal Revenue Service helps people determine whether they have the correct amount of money withheld by employers from paychecks — to avoid facing a huge tax bill for 2018. The calculator asks taxpayers to estimate their 2018 income and other items that affect their taxes, such as filing status and number of dependents.

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