New employer credit available for paid sick leave
Taxes -
Eligible employers can receive a refundable tax credit that reimburses them the cost of providing required paid sick leave to employees unable to work or telework. Employers are entitled to a sick leave credit of up to 80 hours, a maximum of $511 per day, but no more than $5,110 per employee in total, plus related health care costs.
If you’re self-employed, checking your tax situation just got easier
Taxes -
The Tax Withholding Estimator helps make it easier for everyone to pay the correct amount of tax each year.
This tool can help you tailor the amount of tax you have withheld from your income during the year and avoid surprises at tax time.
Retirees: New IRS tool makes it easier to check your withholding
Taxes -
This tool helps you tailor the amount of tax withheld from your income to target a tax due amount close to zero or a refund amount making it easier for retirees to pay the correct amount of tax.
What to do with your Tax Withholding Estimator results
Taxes -
The easiest way to make sure your employer is withholding the correct amount of tax from your paychecks is to do a Paycheck Checkup using the Withholding Estimator. Once you’ve completed a Paycheck Checkup, review the results and, if necessary, change the amount of tax your employer takes out of your paycheck.
Tips for using the IRS Tax Withholding Estimator
Taxes -
The IRS encourages everyone to use the Tax Withholding Estimator. It helps workers tailor the amount of income tax their employer should withhold from their paychecks and avoid unexpected results at tax time.
An estimated tax payment could help avoid a penalty
Taxes -
Under certain conditions, you may need to make estimated tax payments.