Currently downloading the Java Applet for the Tax Withholding Calculator tool, which may take between 1-2 minutes. There is no need to adjust your system. Depending upon your internet connection, your actual download time may vary slightly. This tax tool is included to help you with federal income tax related planning. It provides an estimate of your tax bill based on specified year's tax rates and rules.
Income taxes consume a considerable part of income.
Understanding your tax situation before April 15 can help you plan. For most people with salaried jobs, employers are required by law to withhold from wages and pay to the IRS an amount for income taxes. If withholding is too small, you can be hit with an expected charge for taxes due, plus penalties. If too much is withheld, you are making an interest free loan to the federal government. The more accurate your inputs, the better the estimates and results.