Bonus: Mid-Year Withholding Review
Mid-Year Tax Check-Up: Adjusting Your Withholdings
It's July! Time to review your paystub while you may be only halfway off track.
Drawing from a real case where a client's withholding dropped significantly due to changes in income and bonus structure, the episode offers a reminder to check the percentage of taxes being withheld from your pay. It advises taking a close look at recent pay stubs and the updated W-4 form to ensure accurate withholding, especially if any changes in employment or payroll processors have occurred. Key takeaways include checking if your withholding is under 10% and making necessary adjustments to avoid surprises at the end of the year.
00:00 Introduction and Purpose of the Episode
00:20 Importance of Mid-Year Tax Check-In
00:45 Case Study: Tax Withholding Issues
02:42 Steps to Review Your Withholding
04:20 Understanding the Updated W-4 Form
05:20 Final Reminders and Encouragement
It's July! Time to review your paystub while you may be only halfway off track.
Drawing from a real case where a client's withholding dropped significantly due to changes in income and bonus structure, the episode offers a reminder to check the percentage of taxes being withheld from your pay. It advises taking a close look at recent pay stubs and the updated W-4 form to ensure accurate withholding, especially if any changes in employment or payroll processors have occurred. Key takeaways include checking if your withholding is under 10% and making necessary adjustments to avoid surprises at the end of the year.
00:00 Introduction and Purpose of the Episode
00:20 Importance of Mid-Year Tax Check-In
00:45 Case Study: Tax Withholding Issues
02:42 Steps to Review Your Withholding
04:20 Understanding the Updated W-4 Form
05:20 Final Reminders and Encouragement
