Is My Withholding Correct For 1999 - Instructions - Department Of The Treasury Page 6
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15Worksheet 1. 1999 Tax Worksheet
(Note: Enter combined amounts if married filing joint retur n. )
1.
Enter amount of Adjusted Gross Income (AGI) you expect in 1999. (AGI means wages,
interest, dividends, alimony received, and all other income minus adjustments to income,
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such as alimony paid, interest on education loans, and deductible contributions to an IRA.)
2.
If you plan to itemize deductions, enter the estimated total of your deductions allowable
after applying any limits, such as the 7.5% limit on medical expenses. (Caution: If the
amount on line 1 is more than $126,600 ($63,300 if married filing separately), use Worksheet
4 to figure the amount to enter here.)
If you do not plan to itemize deductions, enter the amount of your standard deduction
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from the 1999 Standard Deduction Tables, later
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3.
Subtract line 2 from line 1. Enter the difference here. (If zero or less, enter zero.)
4.
Exemptions. Multiply $2,750 by the number of exemptions you plan to claim. If you can be
claimed as a dependent on another person’s return, you cannot claim an exemption for
yourself.* (Caution: If the amount on line 1 is more than the amount shown below for your
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1999 filing status, use Worksheet 5 to figure the amount to enter here.)
Single, $126,600
Married filing jointly or Qualifying widow(er), $189,950
Head of household, $158,300
Married filing separately, $94,975
* This applies even if the other person will not claim your exemption or the exemption will
be reduced or eliminated under the exemption phaseout rule.
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5.
Subtract line 4 from line 3. (If zero or less, enter zero.)
6.
Tax. Figure your tax on the amount on line 5 by using the 1999 Tax Rate Schedules later in
this publication. DO NOT use the Tax Table or Tax Rate Schedules in the 1998 tax return
instructions. (Caution: If the amount on line 1 includes a net capital gain, you have to use
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Worksheet 6 to figure the amount to enter here.)
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7.
Enter additional taxes (those figured on Forms 8814 and 4972)
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8.
Add lines 6 and 7
9.
Credits (includes child tax credit, higher education credits (Hope and lifetime learning), credit
for child and dependent care expenses, credit for the elderly or disabled, credit for foreign
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taxes, etc.) See Tax Credits
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10.
Subtract line 9 from line 8. (If zero or less, enter zero.)
11.
Self-employment tax. Estimate of 1999 self-employment income
$
Multiply self-employment income by .153 (15.3%). (Caution: If the estimated total of wages
and self-employment income is more than $72,600, use Worksheet 7 to figure the amount
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to enter here.)
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12.
Other taxes (includes tax on early distributions from an IRA, alternative minimum tax, etc.)
13.
Total taxes. Add lines 10 through 12. Enter the total here and on line 1 of Worksheet 2 below
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Worksheet 2. 1999 Withholding Worksheet
(Note: Enter combined amounts if married filing joint return.)
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1.
Enter your total taxes from line 13 of Worksheet 1
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2.
Total federal income tax withheld to date in 1999 (include all jobs)
3.
Tax withholding expected for the rest of 1999:
For each job, multiply the amount of federal income tax now being withheld each payday
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by the number of paydays remaining in 1999 and enter the combined amount for all jobs
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4.
Total expected tax withholding for all paydays in 1999. Add lines 2 and 3
5.
Subtract line 4 from line 1. If the result is positive, too little tax is being withheld. Go to line 6. If the
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result is negative, too much tax may be being withheld. Stop here and see Too much tax withheld?
6.
Divide line 5 by the number of paydays remaining in 1999 and enter the result. This is the
additional amount you should have withheld from your pay each payday
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