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IRS Withholding Calculator - Podcast text script

HI… I’M PHYLLIS… AND I WORK FOR THE INTERNAL REVENUE SERVICE.      

WHEN YOU FINISHED FILING YOUR TAX RETURN… DID YOU FIND THAT YOU GOT A BIG REFUND BECAUSE YOU HAD TOO MUCH TAX TAKEN OUT OF YOUR PAYCHECK?       

OR MAYBE YOU WOUND UP OWING THE GOVERNMENT MONEY BECAUSE YOU HAD TOO LITTLE TAKEN OUT.       

IF SO… YOU CAN FIX THAT.      

JUST USE THE I-R-S WITHHOLDING CALCULATOR… BY GOING TO I-R-S-DOT-GOV AND TYPING WITHHOLDING CALCULATOR IN THE SEARCH FIELD.      

IT’S IMPORTANT TO CHECK YOUR WITHHOLDING, ESPECIALLY IF YOU’VE HAD A CHANGE IN YOUR FILING STATUS… THE NUMBER OF DEPENDENTS YOU ARE CLAIMING OR OTHER CHANGES AFFECTING YOUR INCOME SINCE LAST YEAR.       

FOR EXAMPLE… YOU GOT MARRIED… HAD A BABY OR BOUGHT A HOME.       

AND… IF YOU HAVE MORE THAN ONE JOB… FULL-TIME OR PART-TIME… YOU WILL WANT TO MAKE SURE ALL YOUR EMPLOYERS ARE WITHHOLDING THE RIGHT AMOUNT TO COVER YOUR TOTAL INCOME TAX.       

THAT’S RIGHT.

YOU CAN USE THE ONLINE WITHHOLDING CALCULATOR EVEN FOR A TEMPORARY JOB…  SUCH AS A SUMMER JOB.      

IF THE WITHHOLDING CALCULATOR SAYS YOU SHOULD CHANGE THE AMOUNT OF TAXES WITHHELD FROM YOUR PAYCHECK… ALL YOU NEED TO DO IS FILL OUT A NEW W-4….      

WHICH YOU CAN GET AT I-R-S-DOT-GOV-SLASH-W-4.     THEN GIVE IT TO YOUR PAYROLL DEPARTMENT.        

AGAIN… TO LEARN MORE… GO TO I-R-S-DOT-GOV AND TYPE “WITHHOLDING CALCULATOR” IN THE SEARCH FIELD.  

Page Last Reviewed or Updated: 14-Mar-2014