This Tax Calculator is provided for your convenience to help you estimate the federal taxes withheld from your PERS retirement benefit. Before using this calculator, you will need to complete the worksheet associated with IRS Form W-4P and use the fields referenced below for the requested data in this calculator.
W-4P Step 4(b) - Deductions Worksheet
Worksheet Parameters
1
Enter an estimate of your 2022 itemized deductions (from Schedule A (Form 1040)). Such deductions may include qualifying home mortgage interest, charitable contributions, state and local taxes (up to $10,000), and medical expenses in excess of 7.5% of your income
1
2
Enter:
- $29,200 if you're married filing jointly or qualifying surviving spouse
- $21,900 if you're head of household
- $14,600 if you're single or married filing separately
2
3
If line 1 is greater than line 2, subtract line 2 from line 1 and enter the result here. If line 2 is greater than line 1, enter "-0-
3
4
If line 3 equals zero, and you (or your spouse) are 65 or older, enter:
• $1,950 if you're single or head of household.
• $1,550 if you're married filing separately.
• $1,550 if you're a qualifying surviving spouse or you're married filing jointly and one of you is under age 65.
• $3,100 if you're married filing jointly and both of you are age 65 or older.
Otherwise, enter "-0-". See Pub. 505 for more information
4
5
Enter an estimate of your student loan interest, deductible IRA contributions, and certain other adjustments (from Part II of Schedule 1 (Form 1040)). See Pub. 505 for more information
5
6
Add lines 3 through 5. Enter the result here and in Step 4(b) on Form W-4P
6