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Message
W4 Question
Posted on 3/17/16 at 4:58 pm
Posted on 3/17/16 at 4:58 pm
I got married in January and I was talking to a guy I work with and he said I was screwing up for not claiming allowances. I was at 1 for just myself.
How many should I be claiming? My wife is at 42k a year and I am around 125k a year (give or take depending on OT).
How many should I be claiming? My wife is at 42k a year and I am around 125k a year (give or take depending on OT).
5
Posted on 3/17/16 at 5:20 pm to TheDeathValley
IRS Withholding Calculator
I believe I set my own allowances to 4 due to being married with one child who is in daycare.
This gives a very general breakdown: LINK
I believe I set my own allowances to 4 due to being married with one child who is in daycare.
This gives a very general breakdown: LINK
Posted on 3/17/16 at 5:49 pm to TheDeathValley
quote:
I was talking to a guy I work with and he said I was screwing up for not claiming allowances. I was at 1 for just myself.
You get the money back during tax season anyways that you miss out. Each of those exemptions is about ~$4000 in deductions. It honestly isn't a big deal
But you have those "Don't give an interest free loan to the gubment!!!!" crazies
Say you missed on two exemptions to claim = $8000 in deductions. Given a likely 25% tax bracket, that is equal to $2000 in extra taxes. Even if you got 8% returns on that money, because it is a monthly overage, you would end up only losing on $100 in interest
Posted on 3/17/16 at 6:01 pm to TheDeathValley
You should claim 0 and additional withholding IMO
With that wage gap, you're gonna end up owing a good bit if you are claiming deductions most likely
Your wife's income is being taxed at a much lower rate than it should be
With that wage gap, you're gonna end up owing a good bit if you are claiming deductions most likely
Your wife's income is being taxed at a much lower rate than it should be
This post was edited on 3/17/16 at 6:10 pm
Posted on 3/17/16 at 7:04 pm to TheDeathValley
I was looking at the single tables. Unless they both just got new jobs I was thinking their W-4's would reflect single. 
Posted on 3/18/16 at 7:48 am to TheDeathValley
I'm in a similar boat as you, but not quite as an extreme salary difference. Will be getting married in January of next year but many suggested a paper marriage in December for a giant tax break, but after reading this and fiddling with the IRS calculator, it may not be so cut and dry.
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