If you’ve ever had to fill out an IRS W-4 form, you know how difficult it can be, especially if you have income from multiple jobs. This is especially true for “retirees” that may be working several part-time jobs while collecting Social Security, pensions, annuity payments, etc.
Our tax withholding worksheet allows you to provide the basic income information (and tells you where to find it) and then calculates how much you may be over- or under-withholding on your Federal taxes and even provides a sample W-4 form filled out for you.
This file is currently available in Microsoft Excel format (.xlsx). If you need it translated for a different program, contact us and we will consider your request.
Features
We’ve provided flexibility for a number of income sources, filling situations, etc. Some common tax-related features we’ve included:
- Job income, pension income, SS income, taxable IRA distributions, long/short term capital gains, qualified dividends, interest income
- Single/Married Filing Separately or Married Filing Jointly filing status
- Automatic calculation of standard deduction including blind/age 65 status
- Child tax credits
Limitations
We’ve designed this tool to be flexible but there’s no way for it to cover all possible tax situations. We primarily designed this for situations where:
- one or more people have a number of smaller paying jobs where withholding isn’t calculated well automatically by a payroll provider
- someone is currently under-withholding and needs to calculate additional withholding to avoid underpayment penalties and/or a large tax bill when tax filing time approaches
2024 Version (Excel)