Paycheck Withholding Checkup
Compare what your employer has withheld so far against your projected year-end tax, and see the per-paycheck adjustment that closes the gap.
Over-withheld so far
$718You are on course for a refund. That is an interest-free loan to the government: reducing it means more take-home pay each cheque, not less money overall.
How this is calculated
The projection takes your year-to-date figures from a recent pay stub, adds the remaining pay periods at the current rate, and compares the result with the tax on that projected income using the standard deduction. The gap is then spread across the pay periods you have left, which is what makes a mid-year correction possible at all: fix it in July and the change per cheque is half what it is in October.
If you are under-withheld, the fix is line 4(c) on a new Form W-4, which adds a flat dollar amount per cheque. If you are heavily over-withheld, you are lending money interest-free until spring.
For the official calculation, including multiple jobs and non-wage income, use the IRS Tax Withholding Estimator and Form W-4. This tool assumes one job and the standard deduction.