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Message
re: Tips on filling out W4
Posted on 6/24/14 at 7:41 am to Brettesaurus Rex
Posted on 6/24/14 at 7:41 am to Brettesaurus Rex
quote:
Yeah we just got married a couple months ago so we're figuring this out. I'm not too knowledgable on all this and I figured you got more of a tax break when you were married
well the problem seems to be that your employer is only gonna take out money based on your salary.....so if your wife makes equal to you, your household will be in a higher bracket, and both of you will be withholding for lets say a 50K bracket when you should be withholding for 100K
at the end of the year you end up with 100K of income, taxed at a 50K rate and you get hit with a nice chunk of tax
obviously its way more complicated with deductions, and exemptions, etc...but thats the basics
1
Posted on 6/24/14 at 7:52 am to Croacka
What in the hell is the point of filing jointly then? 
We make about 89k together. She just dropped down to married and no exemptions. I'm still at married with 2. We were both single and 1 from about Jan - May
We make about 89k together. She just dropped down to married and no exemptions. I'm still at married with 2. We were both single and 1 from about Jan - May
Posted on 6/24/14 at 7:59 am to Brettesaurus Rex
I'm sure I missed something
I'm not an acct or anything so my knowledge is very limited
I don't think you'll be in too bad of shape
I'm not sure how withholding single vs married compares
I know single withholds more but married does not automatically assume your wife works
It's best to do the dual earner worksheet attached to the W4 which is what I did and it drastically changed my withholding
I'm not an acct or anything so my knowledge is very limited
I don't think you'll be in too bad of shape
I'm not sure how withholding single vs married compares
I know single withholds more but married does not automatically assume your wife works
It's best to do the dual earner worksheet attached to the W4 which is what I did and it drastically changed my withholding
Posted on 6/24/14 at 8:04 am to Croacka
Yeah I put a call in to my tax guy yesterday bc I was a little worried about it. I don't want to get molested at the end of the year just bc I wasn't sure what I was doing since I'm married now.
Thanks for the info
Thanks for the info
Posted on 6/24/14 at 10:06 am to Croacka
quote:If yall do this you should be fine. But yes, alot of people dont realize this and just put Married 1,2 or 3, and get absolutely crushed at the end of the year if their spouse worked as well
It's best to do the dual earner worksheet attached to the W4 which is what I did and it drastically changed my withholding
Posted on 6/24/14 at 12:45 pm to lsupride87
I got married in april 2014 (no kids) and we both changed to married and 0. Both of our check ammounts went up but im hoping by claiming 0 we dont owe. We make just over 100k plus a little extra with my bonus. We have student loan and mortgage deductions which will help.
Posted on 6/24/14 at 1:58 pm to SeaPickle
quote:You might want to take a look at the duel earner worksheet and other calculators. The itemizing deductions will help, but you still might owe.
Both of our check ammounts went up but im hoping by claiming 0 we dont owe. We make just over 100k plus a little extra with my bonus. We have student loan and mortgage deductions which will help.
Posted on 6/24/14 at 3:51 pm to lsupride87
with interest rates so low, I err on the side of having them take too much.
Having to pay a interest and a penalty sucks if they take out too little, which happened to me once. My tax situation might be more complicated than yours though.
Having to pay a interest and a penalty sucks if they take out too little, which happened to me once. My tax situation might be more complicated than yours though.
Posted on 6/24/14 at 3:57 pm to Hawkeye95
quote:I think you got me wrong. I am the one suggesting that they need to be taking out more. If you are a dual income married couple, you are most likely going to need to mark 0 with additional witholding
with interest rates so low, I err on the side of having them take too much.
Having to pay a interest and a penalty sucks if they take out too little, which happened to me once. My tax situation might be more complicated than yours though.
Posted on 6/24/14 at 3:58 pm to lsupride87
i was just replying to the thread, not you in particular.
Posted on 6/24/14 at 5:38 pm to lsupride87
I claim 0 on my second job.
Posted on 6/25/14 at 1:07 pm to tankyank13
depends on total income and write offs. Wife and I both claim S-0 and still had to pay 20K this year
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