This question is in relation to tax withholding estimation for next year: would we need a new set of tax tables for 2002 in order to determine what our taxes will be next year? Or are they supposed to remain the same? I want to change my paycheck withholding, but it's hard without an accurate set of tax tables.
A good resource for tinkering with different withholding scenarios for the upcoming year is at the IRS' own site. They have a "withholding calculator" that let's you plug in different 'what-if situations' to see how it impacts your tax liability (i.e., what if I contributed X dollars to an IRA, etc.)As presented in the IRS' own words...A new Withholding Calculator is now available. This Withholding Calculator reflects the change in the income tax rates on individuals that began on July 1, 2001. It can help you figure your Federal income tax withholding so your employer can withhold the correct amount from your pay. To check it out, cut and paste the following link into your browser:http://www.irs.gov/taxpros/display/0,,i1%3D5%26genericId%3D14807,00.html Enjoy!
Or are they supposed to remain the same? They never stay the same since they're indexed to inflation. The current year's tax rate schedules, as well as the amounts for standard deduction and personal exemptions, are always available in the instructions for the 1040-ES.Phil Marti
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