IRS Offers New Withholding Calculator | AccountingWEB

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.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.