The Internal Revenue Service offers a withholding calculator that may help University of Mississippi employees who are considering adjusting their withholdings.
“The IRS withholding calculator is a tool that may help employees avoid having too little or too much federal income tax withheld from their pay,” said Audrey Floyd, UM manager of payroll. “By inputting their information, employees can estimate their paycheck withholdings and determine if they wish to adjust their Form W-4.”
The IRS calculator works for most taxpayers if the information is entered correctly. The results from the calculator can be used to help fill out the necessary W-4 forms.
To use the calculator, visit https://www.irs.gov/Individuals/IRS-Withholding-Calculator and have your most recent pay stubs and income tax return handy. W-4 forms for 2016 are available on the Human Resources website and should be returned to the Payroll Office in Lester Hall, Room 220.