As the first month of 2023 comes to a close, this is a good time to encourage your employees to do a paycheck checkup. With most employees receiving their paychecks direct deposited, it can be easy for them to forget to examine their withholding year-over-year. As their personal financial situations change, their withholding may need to be adjusted.   

The Internal Revenue Service (IRS) urges everyone to do a paycheck checkup as early in the year as possible. This allows for adjustments to be made if needed with ample time for withholding to occur evenly throughout the rest of the year.  

Tools to Help 

There are many great tools employees can use to help with calculating their tax withholding. The IRS has a withholding calculator, which can help taxpayers estimate their income, credits, adjustments and deductions more accurately to ensure the right amount of tax is being withheld for their financial situation. Taxpayers with more complicated situations can use Form 1040-ES to estimate their taxes and payments.  

Making Adjustments 

To make necessary changes to withholding for the year, taxpayers should complete and submit a new 2023 Form W-4 to their employers. 

At DM Payroll Solutions, we make this process easy for our clients and their employees. Using our self-service MyInfo portal, employees can quickly access their W-4 information online and make changes 24/7. If you would like to learn more about how our employee self-service portal empowers and engages employees to manage their own employment and pay information, contact us today!