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.
