April 21, 1993
Employees Can Easily Change Tax Withholding
WASHINGTON - Last week, over 20 million Americans sent in
their tax forms. Many had put off filing until the last minute because they owed money. If
you were one of those taxpayers, the Internal Revenue Service suggests you act now to
avoid repeating the problem next year. Use Form W-4 to ask your employer to withhold a
little more from each paycheck.
IRS Publication 919, "Is My Withholding Correct for 1993?", has worksheets to
help you project your 1993 tax and explains how to change your withholding to avoid a
shortfall. It is available by calling, toll-free, 1-800-TAX-FORM.
If you already know how much extra you want withheld, just divide the amount by the
number of paydays left this year and put the result on line six of your W-4 form. Form W-4
affects only federal, not state, tax withholding.
If you are not an employee -- or as an alternative to changing your W-4 -- you may make
quarterly estimated tax payments. The first estimated tax installment was due April 15. If
you did not pay enough, you should send a supplement check as soon as possible to lower
any penalty that amy apply.
As of April 16, the IRS had received 89.8 million returns, 9.9 percent fewer than for
the same period last year. This figure does not include returns mailed in the last day or
two before the deadline, since the Postal Service could not have delivered these to the
IRS centers by April 16. The IRS has sent 52.1 million refunds, worth a total of $50.7
billion. At $974, the average refund is down 0.6 percent.
1993 FILING SEASON STATISTICS
Cumulative through the week ending 4/17/92 and 4/16/93
1992 1993 % Change
Individual Income Tax Returns:
Total Receipts 99,610,000 89,782,000 -9.9
Total Processed 69,769,000 64,733,000 -7.2
Filing Alternatives -- Total Receipts:
Electronic Filing 10,780,000 12,153,000 12.7
1040PC Format 1,260,000 3,618,000 187.1
TeleFile 126,000 147,000 16.7
Refunds Certified by the Martinsburg Computing Center:
Number 55,716,000 52,107,000 -6.5
Amount of Principal $54.564 billion $50.738 billion -7.0
Average Refund $979 $974 -0.6
(NOTE: these amounts should NOT be compared to the "processed"
numbers above, since those figures reflect Service Center
processing, which is completed at least a week before refunds
are certified at the Computing Center)
Taxpayer Service Filing Season Statistics
through 4/2/92 through 4/3/93
calls answered 17,483,331 17,516,729
Tele-Tax calls 28,515,255 24,370,675
Technical tapes 4,254,699 4,266,096
Refund Info. 24,260,556 20,104,579
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