Calculator

Paycheck Withholding Checkup

Compare what your employer has withheld so far against your projected year-end tax, and see the per-paycheck adjustment that closes the gap.

Gross pay minus 401(k) and pre-tax benefits.
Federal income tax only, not Social Security or Medicare.
Out of 26 in a full year.

Over-withheld so far

$718
Projected taxable pay for the year$67,600
Projected federal tax after credits$6,042
Projected withholding at the current rate$6,760
Withholding you could stop per cheque, over 14 periods$51.29

You are on course for a refund. That is an interest-free loan to the government: reducing it means more take-home pay each cheque, not less money overall.

How this is calculated

The projection takes your year-to-date figures from a recent pay stub, adds the remaining pay periods at the current rate, and compares the result with the tax on that projected income using the standard deduction. The gap is then spread across the pay periods you have left, which is what makes a mid-year correction possible at all: fix it in July and the change per cheque is half what it is in October.

If you are under-withheld, the fix is line 4(c) on a new Form W-4, which adds a flat dollar amount per cheque. If you are heavily over-withheld, you are lending money interest-free until spring.

For the official calculation, including multiple jobs and non-wage income, use the IRS Tax Withholding Estimator and Form W-4. This tool assumes one job and the standard deduction.