Withholding
Tools and guidance for getting your tax withholding right.
The IRS Tax Withholding Estimator is a free tool designed to help you determine the right amount of tax to have withheld from your paycheck. Have a recent pay stub on hand before you get started.
FAQ:
How do I change my withholding?
- You can adjust your federal withholding on Form W-4 at any time during the year by contacting your employer’s payroll department. As a reminder, adjustments made later in the year will have less impact on your taxes for that year. You can also consider making additional payments through Estimated Tax Payments.
What if I don’t have any withholding because I am an independent contractor?
- Since there is no tax withheld from self-employment income, you may need to make Federal and/or State Estimated Tax Payments throughout the year to cover your tax liabilities. These payments are generally made quarterly and if you choose to make these payments, it’s important to record the dates and amounts paid in. Submit this information to Cannon during tax time through filling out the “PERSONAL TAX CHECKLIST” under the Tax Checklists tab.