The Internal Revenue Service has replaced the older IRS withholding calculator with a new mobile-friendly online tool tax withholding estimator that makes it easier for everyone to have the right amount of tax withheld during the year.
The new withholding estimator lets workers,retirees, self-employed individuals and other taxpayers, know the amount of income tax they have withheld from wages and pension payments. Tax Withholding Estimator is created after wide consultation and numerous feedback of taxpayers and tax professionals .
Features of New Tax Withholding Estimator
Following facilities are available in the new withholding calculator
- The ability to more effectively target at the time of filing either a tax due amount close to zero or a refund amount.
- The ability to move back and forth through the steps, correct previous entries and skip questions that don’t apply.
- Enhanced tips and links to help the user quickly determine if they qualify for various tax credits and deductions.
- Automatic calculation of the taxable portion of any Social Security benefits.
- the new estimator makes it easier to enter wages and withholding for each job held by the taxpayer and their spouse, as well as separately entering pensions and other sources of income.
You can check this new tax withholding calculator here