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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: caseyzee on January 02, 2015, 10:41:48 AM

Title: Website/Link for figuring federal tax exemptions and impact on net?
Post by: caseyzee on January 02, 2015, 10:41:48 AM

Hi.  I'm sure this must exist somewhere but I just can't find it.  I'll be getting a hefty tax refund again this year and it's time for me to fix that.  Is there a site where I can figure out what the impact of raising exemptions is so that I can get the actual correct number plugged in?  I don't want to owe taxes, but I'd like it to be close to the zero line and I just can't figure out what change to make.

TIA for your help!

-Casey

Title: Re: Website/Link for figuring federal tax exemptions and impact on net?
Post by: MDM on January 02, 2015, 11:04:58 AM

Does http://www.irs.gov/Individuals/IRS-Withholding-Calculator do what you want?

See http://forum.mrmoneymustache.com/ask-a-mustachian/taxes-exemption-questions/msg397577/#msg397577 for related comments.

Title: Re: Website/Link for figuring federal tax exemptions and impact on net?
Post by: Gone Fishing on January 02, 2015, 12:39:00 PM

It might tick off the HR person if you are in a small company, but I work for a large company and everything is online so I adjust exemptions/withholding at will, sometimes 2-3 times in a year depending on changes in our income.  I just wing it, then fine tune as needed.