My Withholdings .com

	My Withholdings.com			2016

	My Withholdings .Com is the easiest and most thorough application to determine your proper Federal paycheck withholdings.

	This application will automatically determine your ideal withholdings by calculating your projected annual tax liability. It is designed to maximize your cash flow and ensure that you will not owe at the end of the year.

	Withholdings should be checked in the beginning of the year, periodically throughout the year, and especially when you have:
	. Changed employment
	. Received a promotion
	. Owed taxes the previous year
	. Financed a new purchase (increase your cash flow)



	Important Information Before You Start

	This application is designed to meet the majority of user's needs. However, certain tax situations are not built into this application.

	Affordable Care Act - If you did not have qualifying health care coverage or qualified for an exemption you might owe a shared responsibility payment. This application does not account for this payment. As such it could effect the amount of refund or amount you owe.

	Alternative Minimum Tax - This application does not account for alternative minimum tax.

	If filling jointly and you or your spouse can be claimed as a dependent on someone else's tax return then only itemized deductions will work.

	NOTE: These suggestions only apply if changed by the next pay period. The adjustments are for 2016 only, your withholdings should be recalculated in the beginning of 2017.



	Fill in only applicable shaded areas
	Wages, Salaries, Pay Check Information
	Use your current paystubs for the following.

	Primary Employment
	Payroll Frequency………………………
	Check Date………...…..……………….

		Current	Ytd
	Gross Income…………………………..
	Federal Withholdings………………….

	Pre-Tax Deductions	Current	Ytd	Only include regular normal deductions that are the same period to period. Note
	Health Insurance……..……….……
	Flex Spending / Dependent Care…
	Deferred Compensation……………
	Retirement…………………………..
	Other…………………………………

	Secondary Employment or Spouse
	Payroll Frequency……………………
	Check Date……………………………

		Current	Ytd
	Gross Income…………………………
	Federal Withholdings………………..

	Pre-Tax Deductions	Current	Ytd	Only include regular normal deductions that are the same period to period. Note
	Health Insurance……………………
	Flex Spending / Dependent Care…
	Deferred Compensation……………
	Retirement…………………………..
	Other…………………………………

	Other Employment or Previous Income
	Gross Income…………………………
	Federal Withholdings………………..

	Projected Annual Income
	Gross Wages……………………….
	Taxable Wages……………………..


IRS 1040	Federal Tax Return Information
	Refer to your tax return for help with the following.

Line 1-5	Filing Status……………………………

Line 6	Exemptions
	Yourself ……………………………..
	Spouse ………………………………
	Number of Dependents…...………..

Line 23-36	Adjustments to Gross Income
	Educator expenses……….…………
	Health savings accounts…...………
	Alimony paid…………………………
	IRA deduction…………………..……
	Student loan interest deduction……
	Tuition & fees deduction……………
	Other (sum multiple items )…………
Line 36	Total Adjustments:

Line 37	Adjusted Gross Income

Line 40	Deduction Choice

	Itemized Deductions
	Estimated Itemized Deductions……….			These entries will reduce your taxable income and should be projected conservatively. A review of prior year tax returns could be useful in determining the amounts to use. Note
	or
	Enter the following information to be more specific
Schedule A	Medical and dental expenses…….		""	7.5 % of AGI is calculated by this sheet, enter actual dollar amounts of medical expenses eligible. Note
	State and local taxes paid……..….
	Real estate taxes…………..………
	Personal property taxes…………..
	Other taxes…………….…………...
	Home mortgage interest/points…..
	Investment interest………………….
	Gifts to charity……………………….
	Casualty or theft losses…………….
	Unreimbursed employee expenses..			2 % of AGI is calculated by this sheet, enter actual dollar amounts. Note
	Tax preparation fees………………..
	Other investment expenses…...…..
	Other misc. deductions…………….
	Total Itemized Deductions:

Line 40	Total Deduction:		""
			""
	Credits
Line 46-56	Child & dependent care…………….
	Credit for elderly or disabled……….
	Education credits……………………
	Retirement savings contribution…..
	Child Tax Credit…………………….
	Adoption credit………………………
	Other Not Listed Above……………
Line 55	Total Credits:


	Federal Results

	Projected 2016 Federal Tax Liability…
	Already Paid……………………………
	Remaining Liability……………………..

	If Withholdings Go Unchanged



	Suggested Allowance Certificate (W-4)

	Desired Refund……………………..			You can adjust your withholdings based on your desired refund. Note

	If Changing Just Primary's Withholdings
	Withholdings Need To Be……….

	Submit a W-4 with the following details:
	W-4, Line 3, Status…………………
	W-4, Line 5, Allowances……..……
	W-4, Line 6, Additional Amount….

	If Changing Both Withholdings	Primary	Secondary
	Withholdings Need To Be………….			The breakdown is based on taxable wages as a percentage of the whole for each person. These changes are for the next pay period, accuracy of changes will be slightly off if changes are updated after the next period. Note

	Submit a W-4 with the following details:
	W-4, Line 3, Status………………….
	W-4, Line 5, Allowances…………...
	W-4, Line 6, Additional Amount…..

	Bring a new W-4 to your payroll department so that changes can be made.
	Click for a blank IRS W-4

	Disclaimer: While this application is designed to be accurate we do not take responsibility for any incorrect calculations.


	This application has been developed by ds-websites.		contactus@mywithholdings.com