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Question: Where can I find an income Tax Withholding calculator specific to my state, similar to the IRS calculator?

I check my federal Tax Withholding amount to date against the IRS calculator every so often to make sure I am paying only a little more than I need to so I’m not loaning the fed. government tons of money.

I would like to be able to check my state withholding to make sure I am not over paying that as well.
I can’t seem to find a reliable source.

I have found some tables, but they don’t take several variables into account. I looked at this weeks pay stub and feel like I have probably payed my state taxes for the year, the payroll dept. has me claiming zero allowances lol. So I have already given the state several thousand dollars.

I know approximately how much I will make this year and would like to figure out if I have given the state enough of my money.

Answer: I would suggest you read Pub 15, page 35, 36 and so on… to understand how they calculate your withholding.

1/- For example:

You are single, zero allowance, weekly paycheck.

You have 800.00 gross pay every week.

Look at page 36, table 1, you income falls into $704 ——— $1,648

So then your withholding :

$91.40 + 25% ( 800 – 704 )

$91.40 + 25% * 96.00 = $91.40 + $24.00 = $115.40, this is your withholding.

Or you could look at page 39, there are more tables for you.

Here it is :

http://www.irs.gov/pub/irs-pdf/p15.pdf

This is for Federal withholding only, no State, sorry!

2/- Another way is this web site : www.paycheckcity.com, I have believed you knew it from this forum. You can try both ways to see which one is the right answer. You can have State withholding in here too.
State withholding is always different, each State has its own way to calculate, it is not general like Federal. I hope someone will show you another website.

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Question: First time home buyer: how to get interest payments back monthly instead of once a year?

Hello:

Just about to buy my first home which is very exciting!
Since I’ll be be paying close to $3,000 in interest/$1,000 in real estate taxes a month and I would like to keep my monthly income as high as possible I would like to tweak the W-4 withholding allowance so less taxes are being withheld. There are a number of calculators on the internet, but none of them seem to be applicable specially for mortgage interest (and real estate taxes).

How can I go about this?

Thanks!

Answer: see your personal director where you work and fill out a new W-4 withholding form. There is a worksheet to help you figure out how much to withhold.

If I remember, each one is worth $25 less withheld and you can claim up to 99. However, remember, if you underestimate your Tax Withholding, the IRS can fine you.

Questions and Answers – 23 June 2010

Budget 2010—Grant to Pacific Economic Development Agency; Rest Homes—Standard of Care; Economic Position—Current Account Deficit; State-owned Enterprises—Requests for Additional Capital

5 new tax credits and deductions for the 2009 tax year

Tax season is upon us. And while nobody likes shelling out their hard-earned dollars to the IRS, this year the government is offering up some new opportunities that could save you big money.

Filing your Quarterly Withholding Tax Return