Should I adjust my payroll withholdings?
Each April many taxpayers are surprised as they realize that they have either over withheld or under withheld on their taxes. Use this calculator each year to help determine whether you are likely to be on target based on your current withholding status. Make adjustments to your employer W-4 form, if necessary, to more closely match your liability. In the event of a surplus, you may be able to increase your take home pay.
"High-income" workers may experience an increase in federal taxes going due to a number of provisions such as personal exemption phaseouts, limits to itemized deductions, 3.8% Medicare tax on investment income and the creation of a new tax bracket (39.6%).