2021 – 05/27 To avoid a surprise when you file your tax return, review your federal withholding each year to make sure you’re not having too little (or too much) tax withheld from your paychecks. In general, you should increase withholding if you hold more than one job at a time or have income from sources that aren’t subject to withholding. If you pay too little, you’ll likely owe additional tax and possibly penalties when filing your return. (You can also make quarterly estimated tax payments if you don’t have enough tax withholding.) Check with your employer to update withholding or file a new W-4 form. Here’s a link to the IRS Tax Withholding Estimator:
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