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"With only a few weeks left in the year, the IRS encouraged people who haven't checked their withholding recently to do it soon so they can make any withholding adjustments needed," the agency said in its release.. That refers to income tax our employers withhold from our paycheck to pay to the IRS on our behalf throughout the year. But there is no set amount that they're taking out for everyone across the board—tax withholding varies from person to person.
For your 2023 taxes, that could include job loss, natural disasters like wildfires or hurricanes, and life changes such as marriage or childbirth. "The tool offers workers, retirees, self-employed individuals and other taxpayers a simple-to-use, mobile-friendly way to calculate the correct amount of income tax they should have withheld from wages and pension payments based on their complete set of facts and circumstances," the IRS stated in its release.