Withholding Utilities

Contents

Current Version
System Requirements
Overview
Inputs
Reports
Updates
Sample Reports

Overview

Withholding Tax: Your clients' greatest concern is probably "How many withholding allowances should I declare." This program makes it easy for you to answer that. Using Withholding Utilities you can have your computer compute a W-2 Proforma and/or Targeted Withholding.

W-2 Proforma Computation

This computation computes how much federal tax withholding should appear on the W-2 based on annual wages and withholding allowances. After preparing your client's 1040, you can show your client how much withholding tax will appear on next year's W-2 based on the number of allowances. If you think that the federal withholding looks too small or too large, simply put in a different number of allowances and you will immediately see the results.

Targeted Withholding Tax Computation

If you have a good idea how much your client should withhold, you can use this computation to see how close the client is to the witholding tax target based on what you expect to happen for the rest of the year. You can change the number of withholding allowances on the screen to instantly see how that changes the withholding tax situation.

Percentage Method Computation

The W-2 Proforma and the Targeted Withholding our for your client. The Percentage Method Computation can be used as a "proof" for the W-2 Proforma and the Targeted Withholding computations. You can also use it to see how much should be withheld from a specific check.

 For comprehensive information, download the program's manual.

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Inputs

General Information

Employee's Name
Choose Desired Computation
 

W-2 Proforma

Annual Wages
Payroll Frequency
Married/Single
Additional Withholding Per Pay Check
Withholding Allowances
S Corp Wages

Targeted Withholding

Payroll Frequency
Married/Single
Additional Withholding Per Pay Check
Withholding Allowances
Wages For Rest Of Year
Pay Periods For Rest Of Year
Desired Withholding For Rest Of Year

Targeted Withholding

Payroll Frequency
Married/Single
Withholding Allowances
Gross Wages For Pay Period

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Reports (View Sample Reports)

You may never need to print a report, except maybe for documentation. The program gives you the answers that you are looking for right at the input screens. This program is excellent to run while your client is looking over your shoulder!

W-2 PROFORMA REPORT: This report shows what the withholding will be for the year based on the annual wages and withholding allowances. This is excellent to use at the beginning of the year to see if the number of withholding allowances are reasonable.

TARGETED WITHHOLDING REPORT: This report shows how close the employee is going to be to his or her desired withholding for the year.

PERCENTAGE METHOD REPORT: This report shows how the percentage method withholding was computed. This is ideal for the person that wants a "proof" of the computations.

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Current Version

Most current version: WHP2006.10
Release Date: 1/27/2006

Updates

Version WHU2006.10

Revised for 2006 rates.

1/27/2006

Version WHU2005.10

Initial version.

8/23/2005

Requirements

Microsoft Windows 95/98/ME, NT4, 2000 & XP.

Limitations

Please refer to online manual. AVAILABLE SOON.

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