Almost 2014 – Time to Check Your Withholding

Withholding Tax Payroll Cartoon

With a new tax year approaching, it is a good time to review your current withholding, to determine if you need to make adjustments now, to be effective with your first paycheck for 2014. Making changes to your withholding requires you to complete a new W-4 Federal Employee Withholding Allowance Certificate and your applicable state and local equivalent withholding form(s). The completed forms should be submitted to your payroll department prior to your last pay period of the calendar year, for them to have sufficient time to update your records prior to the first payroll of the new year.

Start off the new year with your finances in order. Remember to review your withholding again when you have a change in your marital status, dependents, deductions, or income during the year.

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