Enter withholding amounts


1. In the Withholdings (or Withholdings to Date) field, enter or verify the amount of accumulated federal tax withheld to date.

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    If you have the Tax Planner calculate your data based on recorded Quicken transactions, scheduled transactions, or year-to-date data, the Tax Planner displays a total for the entire year.

2. In the Next Pay Date field, enter or verify the date you'll receive your next paycheck.

3. In the Pay Period list, select the appropriate pay period: Every two weeks, Twice/month, Monthly, or Weekly.

4. In the Withholding Per Pay Period field, enter or verify the amount of federal tax currently being withheld from your wages each pay period.

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    If you have the Tax Planner calculate your data based on a scheduled paycheck transaction, this reads Sched: Included. If you have the Tax Planner estimate amounts based on your year-to-date daily average, this reads Proj: Included.

5.  In the Projected Future Withholding field, verify the amount of projected total withholding per pay period multiplied by the remaining pay periods this year.

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    Quicken calculates this field automatically based on the current amount being withheld each pay period and the number of future paychecks you will receive.

6. In the Other Withholding field, enter the amount of federal tax currently being withheld from miscellaneous earnings such as unemployment, gambling winnings, and so on.

7. In the Total Withholdings To Date, Projected Future Withholding, Plus Other Withholding (includes Self and Spouse) field, verify the total carried over to the Less: Withholding field. (This field is calculated automatically.)

8. In the Tax Payment Summary area, verify the remaining tax due or refund based on your present withholding and any estimated tax payments.

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    The Tax Planner automatically calculates this section.
    • Projected Tax: The Tax Planner calculates this amount based on the data source in the tax profile.
    • Less: Withholding: The Tax Planner copies this amount from the Total Withholdings To Date, Projected Future Withholding, Plus Other Withholding (includes Self & Spouse) line above.
    • Less: Estimated Tax Payments: The Tax Planner copies this amount from the Total Estimated Tax Payments and Refunds Applied line on the Estimated Tax Payments page.

Notes

Remember that the purpose of the Tax Planner is to help you get a realistic view of your tax liability for the year. The Planning tab also includes a tool that is specifically designed to help you experiment with your withholding amounts—the Tax Withholding Estimator. Use the Tax Withholding Estimator to see if you should be withholding more or less from your paycheck. To get to the Tax Withholding Estimator, click the Planning tab. Click the Tax Center button. Choose Tax Tools and then Tax Withholding Estimator

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