Tax Withholding Calculator Tells You If You’re Withholding Too Much [Tax Time]

March 12, 2010 at 8:09 pm (Uncategorized)

Tax Withholding Calculator Tells You If You’re Withholding Too Much

While getting a big check from Uncle Sam feels pretty cool, it also means that you’re probably withholding too much from your paycheck each month. Kiplinger’s Tax Withholding Calculator helps you figure out how much in allowances you should be claiming.

Photo by koelk_h.

Unfortunately, figuring out how much to withhold can be a pretty complicated deal for those of us who don’t entirely understand tax code. Kiplinger comes to the rescue with an easy-to-use Withholding Calculator, that, while somewhat simplified, will give you a general idea of what you should be withholding—and all you need to do to claim those allowances is file a revised W-4. The calculator requires that your financial state is pretty much the same this year as it was last year, so if you’ve gone through any major financial changes (e.g., having a baby, getting a new job) it won’t work as well. Hit the link to test it out.

Send an email to Whitson Gordon, the author of this post, at whitson@lifehacker.com.

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