Taxes and W4 Filing Question

posted 3 years ago in Money
Post # 3
Member
1823 posts
Buzzing bee
  • Wedding: August 2011

Your W4 just determines how much taxes are taken out of your paycheck, it doesn’t determine how you actually file your taxes at the end of the year. The goal is to have the total amount withheld over the year equal to your total taxes, so you won’t need to pay any extra money when you file. So you don’t have to file a new W4,but you may want to in order to have the right amount withheld. Since it’s already midyear, I’d advise you to use the IRS withholding calculator to determine how you should adjust your W4. (http://www.irs.gov/Individuals/IRS-Withholding-Calculator)

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