How Much Should You Withhold?

How Much Should You Withhold?

Having a child brings a lot of joy to a family – and a tax deduction, too. Not only can you claim your new baby as a dependent, but you may also qualify for other child tax credits that can dramatically reduce your year-end tax bill. Lower taxes may mean a bigger refund, but what if you would prefer to see more money in your paycheck instead?

The Internal Revenue Service provides a handy withholding calculator on its website, www.irs.gov. You’ll need some basic information, but most can be found on a recent pay stub. Then plug in some estimates about expenses and the calculator will determine how many allowances you may want claim on your W-4 form. (Remember, you can fill out a new W-4 form whenever you like.) If you want to receive a larger paycheck – or, on the flip side, receive a larger tax refund – adjust your allowances accordingly. Once it’s tax time, it’s too late – for the current year, at least.

What is New

Stock Market

Stocks headlines
Index Last Change
Dow 16514.37 65.12
Nasdaq 4126.97 -34.49
S&P 500 1875.39 -4.16
NYSE 10581.89 -17.13
AMEX 2609.86 -5.46
Input stock ticker 
Or company name