Am I paying the Right Amount of Tax?

In my recent talk to residents, we discussed how to know if you are paying in the correct amount of tax both during residency and in graduation year.  In order to figure this out, it’s important to have the IRS information handy.  Here are some of my favorite links to assist with the calculations.  2018 is going to be a year of big change in the tax world, so it’s important to keep on top of what tax you are paying in.  Stay tuned for more updates as the IRS releases additional guidance on the Tax Cuts and Jobs Act!

 

2018 Tax Brackets, Standard Deductions, and More

Notice 1036 – New 2018 Tax Withholding

Publication 505, Tax Withholding and Estimated Tax

Business Taxes for the Self-Employed: The Basics

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