Do I have enough taxes being taken out?

Answer by  Touchdown (317)

The best way to find out if you have enough taxes being taken out of your pay check is to utilize the official IRS withholding calculator that is found on their website. This will help you determine what the proper amount of withholding's you should claim. You may have to change this with your employer.

Answer by  TaxGirl2008 (57)

If you generally owe the IRS at tax time, then you probably are not having enough money withheld from your paycheck. Check your withholdings and exemptions claimed on your W-4. The IRS website and other sites have paycheck calculators which will allow you to plug in your information to determine what your tax liablity may be.

Answer by  Chaneygirl (1755)

Compare your W2's to last years tax return. Are your wages and withholdings similar? If so, did you owe or receive a refund? Do you have income from other sources that does not have withholding? You may wish to increase your withholding to cover this.

Answer by  GeorgeH (179)

You need to calculate your taxes as per the instructions on your form and compare that total to your taxes withheld. In practice, you should probably have no more in taxes withheld than you owe (since the excess is basically a zero-interest loan to the government).