IRS Reminder: Check Your Tax Withholding

With 2009 nearly half over, the Internal Revenue Service reminds individual taxpayers there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises when returns are due next spring. Watch this YouTube video or click here for the related IRS Tax Tip and to check your withholding levels. Worksheets in IRS Publication 919 How Do I Adjust My Withholding? can help employees estimate their tax withholding for 2009.

The Making Work Pay Credit lowered tax withholding rates this year for 120 million American households. However, particular taxpayers who fall into any of the following groups should review their tax withholding rates to ensure enough tax is withheld: multiple job holders, families in which both spouses work, workers (including students) who can be claimed as dependents by other taxpayers.

Failure to adjust your withholding could result in potentially smaller refunds or may cause you to owe tax rather than receive a refund next year.

The Office of Human Resources has provided this Tax Tip from the IRS for your information. Questions about this issue should be directed to your tax professional. Remember, you can complete a new W-4 to change your tax withholding levels through Employee Self-Service for Norman and in the Payroll Office for HSC.