IRS Offers New Withholding Calculator
The IRS has added a new withholding calculator to its Web site. The calculator has been updated to reflect the new 2001 income tax rates that became effective July 1.
Using the withholding calculator, you can determine the appropriate federal income tax withholding for your income and deductions. If you need to increase or decrease your withholding, you can complete a new Form W-4, Employee's Withholding Allowance Certificate, and submit the form to your employer.
To use the withholding calculator effectively, the IRS recommends that you have your most recent pay stub and your most recent federal income tax return available.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.