Are your payslip deductions on target?
A worked example
Starting figures
- Yearly income
- $88,000
- Withheld per payslip
- $620
- Pay periods per year
- 26
What it returns
- Projected refund
- $1,707
- Estimated tax
- $14,413
- Withheld over the year
- $16,120
- Correct per payslip
- $554.35
How to read the results
With the defaults above, projected refund works out at $1,707.