Click here to be redirected to the IRS website’s Tax Withholding Estimator calculator. This tool is designed to help taxpayers determine the right amount of tax to have withheld from their paycheck. Make sure to have a pay stub available!
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.