IRS introduces new tax withholding calculator

(WILX) - The Internal Revenue Service has introduced a new tax withholding calculator.

Setting aside the right amount of money can be the difference between owing the IRS money and getting a tax refund.

Withholding too much could cause you to get a refund initially but you'll eventually end up owing the government money.

The new online calculator created by the IRS and the U.S. Treasury Department helps workers understand how much should be deducted from their paychecks under the new tax law.

The calculator asks taxpayers to estimate their income for 2018, their filing status, and the number of dependents they have.