• Bonus: Mid-Year Withholding Review

  • Jul 12 2024
  • Duración: 7 m
  • Podcast

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Bonus: Mid-Year Withholding Review

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  • Resumen

  • Mid-Year Tax Check-Up: Adjusting Your Withholdings

    It's July! Time to review your paystub while you may be only halfway off track.

    Drawing from a real case where a client's withholding dropped significantly due to changes in income and bonus structure, the episode offers a reminder to check the percentage of taxes being withheld from your pay. It advises taking a close look at recent pay stubs and the updated W-4 form to ensure accurate withholding, especially if any changes in employment or payroll processors have occurred. Key takeaways include checking if your withholding is under 10% and making necessary adjustments to avoid surprises at the end of the year.

    00:00 Introduction and Purpose of the Episode
    00:20 Importance of Mid-Year Tax Check-In
    00:45 Case Study: Tax Withholding Issues
    02:42 Steps to Review Your Withholding
    04:20 Understanding the Updated W-4 Form
    05:20 Final Reminders and Encouragement

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