INCREASING OR DECREASING WITHHOLDING
If you have too much or too little withheld from your pay check, you can increase or decrease the number of exemptions so that your withholding will be more in line with your tax situation. If you have some large itemized deductions and you are single, you can claim more than just one exemption. Likewise if married filing jointly or head of household
To calculate extra exemptions, go to:
http://www.payroll-taxes.com/calculators.htm
Select item # 1 (Payroll Calculator) which takes you to the next screen
Select the your state of residence
Enter filing status
Enter your annual salary. (I entered 124800)
Enter pay frequencey (I entered 'weekly')
Enter Federal allowances (first I used 5, then recalculated using 6)
Using 5, I got $442 per week for withholding
Using 6, I got $ 422 per week for withholding
You might first try it using the same figures I used first to make sure you are doing it the same way.
Then, if your pay period is NOT weekly, change that part of the calculation and change the salary to the amount of your own salary..
If you have too little withheld, you can drop some of your exemptions, or you can just submit a new W-4 form to your employer and specify that you want a specified extra amount withheld.
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