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Summer Job? How Much Should I Withhold?

2019 – 05/24 Do you work multiple jobs or are you adding a summer job this year? The IRS suggests that you conduct a “paycheck checkup” to learn if you’re having the right amount of tax withheld from your paycheck. The Tax Cuts and Jobs Act made changes that might affect the taxes you owe. Changes include increasing the standard deduction, eliminating personal exemptions, discontinuing certain deductions, increasing the child credit, changing the tax rates and brackets and more. The easiest way to do a checkup, the tax agency says, is to use its withholding calculator, http://bit.ly/2W5pqSY.  Have your 2018 tax return and a recent pay stub handy to make the process easier.

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