🤔Too Much or Too Little?

How much are you withholding per paycheck?

Is the amount too little? (Or too much?)

Find out the answer before the year ends! You may not want to discover next year that your withholding amount for this year was too small.

The I.R.S. offers you some help at its website, in the form of a free tax withholding estimator. Search online for “I.R.S. tax withholding estimator” and you’ll quickly find it or use this link to go there. This online tool ay be particularly useful for retirees, freelancers, and other taxpayers who are not W-2 workers.

To use the tool, only a little information is needed such as your paystubs, any other income you might receive, and your most recent tax return. Taking a few minutes to gather the information beforehand can allow you to quickly estimate what your withholding should look like for the year. Using the estimator can help guide you to have the correct amount withheld for taxes based upon your specific set of circumstances. 

We must note that the information in this material is not intended as tax or legal advice, and may not be used for the purpose of avoiding any federal tax penalties. So, please consult legal or tax professionals for specific information regarding your individual situation.

Before the year ends, check your withholding on your paycheck. Are you overwithheld? Underwithheld? The answer may surprise you.

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^{The content is developed from sources believed to be providing accurate information. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.}