IRS online calculator helps you figure out your tax withholdings

The Internal Revenue Service has a new tool to help you figure out your tax withholdings. 

Knowing how much money to set aside can be the difference between owing the IRS and getting a refund. 

The IRS and Treasury Department teamed up to introduce a new online calculator. 

It's designed to help guide you on how much to deduct from paychecks under the new tax law. 

The calculator asks you to estimate your 2018 income, filing status, number of dependents and more. 

You can check out the new calculator on the IRS website.