What to Know About Income Tax Withholding
In this article, among the things you will learn is how you can double-check your income tax withholding. With regard to this, you should take note that you would be able to learn as to how you could protect yourself from such mistakes in your paycheck by getting to understand as to what are the ins and outs of how a payroll would work. You will be able to read more here on what events in your life that you should note and which at the time they would happen, they should indicate that you should make an adjustment to your withholding amount. With regard to tax withholding, as to what you should know about this is that this would be the money that would be given to the government by your employer who would have set aside from your gross pay.
At the time you would have filed your tax return, you should take note of this point that you would then have income taxes that you would owe and it would be the amount of money that would have been taken from your check that would then serve as credit. With regard to this, as to what you should also know is that you would have fewer of these income taxes withheld for each pay period at the time where you would be having a lot of allowances. As to what else you would need to know is that there are various factors that exist that would influence how many allowances you would be allowed to claim.
Among these factors that would have a huge influence on the number of allowances that you would be able to claim would include as to what the number of dependents would be, your job and marital status, as well as your filing status. You should take note that for independent contractors, they could go about producing their pay stubs online since this would make it easier to keep track of your tax withholding. You should take note of this other point as well and this is that among the content that makes up this article is how income tax withholding is calculated. You should take note that adding up the amount of money that you would expect that you would have taken up for the year would be the first step that you would be recommended to take to compute for your income tax withholding.
You would then need to multiply taxes withheld by pay periods in the year the subtract the taxes you will be owing from this.
Source: this link