TurboTax Withholding Calculator for 2011, 2012
Calculating your withholdings for the year can be beneficial for many reasons, including being able to estimate the amount of tax you will owe. Based on the amount you will be assessed, you then can decide how much tax you would like to withhold from your earnings to cover your tax liability.
You can increase your refund by having more tax taken out of your earnings, or you can try to eliminate your tax liability and have more money in each paycheck. This decision is personal and varies from taxpayer to taxpayer.
There are services online that will provide you with a withholding calculator. The following are among the information needed for the calculator to estimate your withholdings:
Filing Status – Single, Married Filing Jointly, and Married Filing Separately, Head of Household and Qualifying Widower.
Dependents - If you are able to claim another person as a dependent Information regarding your employment status and income.
The calculator will recommend the amount of tax to be withheld depending on your situation and the information you entered.
For answers to all your tax-related questions, visit TurboTax Online today.
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