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Home tax calculator

Online tax withholding calculator for employers

by Prashant Thakur
July 16, 2021
in tax calculator
0

Online tax withholding calculator 2021 is based on an excel spreadsheet named Income Tax Withholding Assistant to help small employers compute the amount of federal income tax to withhold from their employees’ wages. This excel spreadsheet is published on IRS website .Further, the spreadsheet is designed to help employers for the transition to the new Form W-4 for 2020.

Online Income Tax Withholding Calculator

We earlier created a paycheck tax withholding calculator .But this time, the withholding calculator is for employers and is based entirely on the Income Tax Withholding Assistant spreadsheet published by IRS.

Before you start using the tax withholding calculator, make sure that you have a completed Form W-4 from your employee. The tax withholding calculator can accommodate both the 2020 Form W-4 and Forms W-4 from prior years. Just, fill up the input fields , and the amount of tax to be withheld will be computed automatically.

Tax Withholding Calculator

Who should use online tax withholding calculator?

An employer has the legal responsibility to withhold tax from their employee’s remuneration and deposit it to the IRS on their behalf. Once the wages paid after tax deduction, the amount of net salary/wages are reflected on the Form W-2, Wage and Tax Statement, the employee receives at the end of the year. Many other types of payers of income require backup withholding!

If you determine your employees’ income tax withholding by following  Publication 15-T .then you should use this tax calculator. However, if you use an automated payroll system for your business, you do not need to use this calculator or irs tax withholding assistant.

How withholding of tax on wages or salary is determined ?

The amount of tax deduction at source from the wages depends on the amount of income earned and certain types of information an employee gives to their employer on Form W–4, Employee’s Withholding Allowance Certificate:

  1. His filing status
  2. How many withholding allowances claimed by the taxpayer.
  3. If employee requested any additional withholding from his/her wages.
Post Disclaimer

While the information on this site  - Internal Revenue Code Simplified-is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.

Tags: amount of federal income tax withheldfederal payroll tax withholdingtax withholding calculator
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  • Tax Rates 2023
    • Pension Plans Limits 2023
    • Estate & Trust
    • 2022 Tax Brackets
      • USA State and Local Taxes
      • EIC Table 2023, 2022
    • Tax Bracket 2021
    • Tax Brackets 2020
    • Tax Bracket 2019
      • Long Term Capital Gains Rate- 2019,2018,2017
      • 2019 & 2018 Standard Deduction
      • Kiddie Tax Brackets
    • Depreciation MACRS Table
  • Tax Information
    • Latest Phone number of IRS
    • Local Taxpayer Advocate Service Office
    • Search CAA & AA
  • Tax Calculator 2022 & 2023
    • Fastest Sales Tax Reverse Calculator
    •  EITC Calculator 2022 & 2023
    • SEP-IRA Calculator
    • Penalty Calculator
    • IRA Contribution Limit Calculator
    • Mileage Reimbursement Calculator
    • Net Investment Calculator
    • Alternative Minimum Tax Calculator for 2017 & 2018
    • Estimated Tax Penalty
    • Section 179 Deduction
    • tax residency
      • Physical Presence Test Calculator
      • US Tax Residency Calculator
      • First Year Choice Calculator
    • Capital Gains Calculator
    • Home Office Deduction Calculator
  • Write to me
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  • State and Local Taxes
    • California Tax Calculator With Tax Rate
    • DC Tax Rates 2022 & Past Years
    • Massachusetts tax calculator
    • Illinois tax calculator with tax rates
    • Indiana Tax Rate Chart
    • NY State Tax Rate 2022
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