IRS Advises Employees to Check Withholding
TAMPA, Fla. (August 7, 2009) -- The Internal Revenue Service is reminding individual taxpayers to check their 2009 federal income tax withholding levels to ensure there are no surprises when returns are due next April.
Because the Making Work Pay credit lowered tax withholding rates this year for many American households, taxpayers should ensure that enough tax is withheld if they are among these groups: individuals with multiple employers; families with both spouses working; workers who can be claimed as dependents by other taxpayers; and pensioners. Not adjusting withholding could result in taxes owed or smaller refunds.
The IRS withholding calculator on IRS.gov can help a taxpayer compute the proper tax withholding. The worksheets in Publication 919, How Do I Adjust My Withholding?, can also be used for the calculation.
If the result suggests an adjustment is necessary, the taxpayer should submit a new Form W-4, Withholding Allowance Certificate, to his or her employer or adjust the amount of quarterly tax paid.
USF employees who would like to make an adjustment to their withholding may make their changes through GEMS Self-Service. (For instruction, click here.) Log into GEMS Self Service via the eUSF Portal.
Visit IRS.gov for more information on how to adjust federal income tax withholding.