What you need to know about doing a Paycheck Checkup

 

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June 5, 2019

You should do a Paycheck Checkup using the IRS Withholding Estimator, even if you did one in 2018.

Things to know about withholding and why checking it is important.

  • Employers generally withholds income tax from your paycheck and then pays it to the IRS.
     
  • Pension or annuity income generally requires withholding.
     
  • Form W-2 reflects your wages and any withholding.
     
  • Income and the information on your Form W–4 determine the amounts your employer withholds.
     
  • 2019 Form W-4 must specify a filing status and a number of withholding allowances.
     
  • Changes to withholding now can head off a potential tax bill next year.
     
  • Major life event occurrences or income changes should always make you check your withholding.