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Good Tax withholding calculator?

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DeacOnCapeCod

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We have extra money taken out of my paycheck after getting a little surprise the year before with the amount we owed to the federal government. While getting the refund is nice, it would sure be nice to have that money now. Does anyone know of a good way to accurately calculate how much money needs to be taken from each paycheck?
 
Unless you have significant life changes since last year (more/less income, different deductions, etc.) then the best estimate would probably by last year's tax bill. Then adjust that for any changes in income / deductions etc. using your marginal tax rate.

Then compare your estimate tax bill to current estimated withholdings and adjust as necessary (by either making additional withholdings or changing your W-4 for additional exemptions.

Circular 230 disclosure: blah blah blah.
 
We had two significant changes. The birth of our 2nd child plus my wife had 8 weeks unpaid during her fmla. This makes me think that the extra money is unnecessary. Will break out last year's tax bill from last year to night.
 
DeacOnCapeCod said:
We had two significant changes. The birth of our 2nd child plus my wife had 8 weeks unpaid during her fmla. This makes me think that the extra money is unnecessary. Will break out last year's tax bill from last year to night.
Click to expand...

hope she doesn't work for 2&2
 
DeacOnCapeCod said:
We have extra money taken out of my paycheck after getting a little surprise the year before with the amount we owed to the federal government. While getting the refund is nice, it would sure be nice to have that money now. Does anyone know of a good way to accurately calculate how much money needs to be taken from each paycheck?
Click to expand...

Just complete and estimated 1040 for 2014. You update your 2013 as Sleepy suggested are complete the file you download from here http://www.taxvisor.com/taxes/

Just keep in mind the differences between your gross income and your taxable income.

You can get IRS publication 15 to determine what your withholding will be.
 
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