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Review Withholding

It's important to be mindful of your tax withholding from your paycheck, to avoid any surprises at tax time!

Expected Time: 10 minutes

What You’ll Need:

💻 Computer with access to your company W2 platform

Why This is Important

It's important to be mindful of your tax withholding from your paycheck, to avoid any surprises at tax time!

The information below is meant for educational purposes only, and cannot be considered investment advice. Consult with tax professional for questions on your specific situation.

Instructions

It’s a good idea to review your withholdings early on in the year, or any time a significant life event (marriage, sale of property, etc.) occurs.

Follow the steps below to check on your withholdings.

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✅ Review your withholding at 👉

irs.gov/individuals/employees/tax-withholding⁠

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✅ Use the IRS Tax Withholding Estimator, watch the below video for guidance:

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✅ Log into your company paycheck portal, retrieve your W4 form, see if you have entered any amounts as “extra withholding”

✅ Calculate your current effective federal tax rate.

Look at your last paycheck and find federal withholdings to date.

Divide that by your gross income for the year.

That % is your federal rate currently being used.

If you have any other sources of income like ESPP, real estate, dividends, side income, you may want to withhold MORE than your HR team is withholding and need to revise your W4

✅ If you need to change your withholding, download Form W-4 from the link above, complete, and submit to HR.

Reflections

What changes do you need to make to make sure you don’t have a big tax bill next time tax season rolls around?

Next Steps

Understand what deductions and credits might apply to you.

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Track Deductions & Credits⁠

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