The IRS has released its updated tax withholding calculator to assist taxpayers in determining the appropriate withholding for the 2020 tax year, according to Denise Carder, payroll.
The IRS specifically encourages taxpayers who fall into the following groups to double-check their withholding:
- Two-income families.
- Taxpayers with two or more jobs at the same time or who only work for part of the year.
- Taxpayers who will receive unemployment assistance.
- Taxpayers that have experienced a change in pay.
To access the IRS withholding calculator please use this link.
While the IRS has stated that employees are not required to make any changes, they are still stressing that employees review their withholding to make sure that it is accurate. We have also linked YouTube videos from the IRS that you may find helpful in filling out your Form W-4. You can find links to printable W-4 forms on the payroll webpage.