If I declared my Taxable Marital Status as Married instead of Single, will I have more or less taxes taken out from my paycheck?
Right now, I made $1,730.77 per pay period and I get nearly $600 taken out in taxes. I recently got married.....if I change my status to married on my W-2 form, will this amount go up or down?
2006-09-06 03:45:52 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
are you married if so then should it the two options be
marred filing jointly or married filing separately
and what is taken out of you check each week depends on what you tell them to withhold, the difference is if you get some back in or pay in more when April gets here.
I have been married and file married filing jointly and always get some back, however that is still defiant for different circumstances.
2006-09-06 03:57:22 · answer #1 · answered by Noble Angel 6 · 1⤊ 0⤋
You want to file a new w-4 to change your status. It all really depends on you situation. If you want to just even out at the end of the year, you can claim married and 3 dependent, and have more for the holidays. I'm sure that enough was taken out since u were single more than half the year between you and ur now husband. You'll be fine on the tax season. A quick figure is to total up ur yearly amount and have at least 30% of your income held back for taxes to be safe.
2006-09-06 05:51:50 · answer #2 · answered by csabrinam 3 · 0⤊ 0⤋
It's impossible to answer that question based on the information you've provided. If a person was making say $25,000 a year and got married to someone making $150,000 a year, once they got married more of that 25K would go to income tax and therefore they might very well increase the amount withheld so they wouldn't have to pay so much the following year when they filed their taxes. However, the person making 150K a year might well reduce the amount of tax withheld from them and therefore have an increase in their paychecks. Or stated otherwise; a single person making 25K a year will pay a greater percentage of that 25K in tax if they marry someone making 150K. But that is off-set since the reverse is true for the person making 150K..
2016-03-17 09:10:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The W-4 form tries to take a very rough guess at what your taxes might be by taking into account your deductions/exemptions, specifically your family status and number of kids. Changing from single to married will definately lower the amount of taxes taken out. It won't be incredibly drastic though. I'm thinking if you make about 45K over the course of the year... the change might be about 1K. Remember that your deductions aren't all necessarily taxes. You've got your normal social security (7.5% and not effected by marriage), and I'm guessing you have some kind of health care plan and 401(k).
Good luck.
2006-09-06 04:01:46 · answer #4 · answered by Nobody 4 · 0⤊ 0⤋
Unless you change your W-4 form on file with your employer, the amount of taxes taken out will remain the same.
Go to your Human Resources department at work and ask for a new W-4. Less money will be withheld each pay period.
In a perfect world, you would have the exact amount taken out as you owe. Then you wouldn't have to pay in at the end of the year, and you wouldn't get a refund. Instead, you would maximize your take-home pay and be able to use or invest it as you wish, not loan it to the IRS interest free.
The trick is to figure out what number to enter on your W-4 to get as close as you can to a perfect world. If you are getting a huge refund, increase the number on your W-4. If you have to pay in, lower the number.
2006-09-06 04:54:20 · answer #5 · answered by Doe 3 · 0⤊ 0⤋
The amount taken out shold go down, but not by too much.
However, you can list on there that you want deductions taken as if you have more deductions, in which case even less money will be taken out. I would only recommend doing that if you know that at your current rate of deduction, you will be overpaying your taxes and would get a refund when you fill out your taxes next year.
2006-09-06 03:51:56 · answer #6 · answered by sirade1 4 · 0⤊ 0⤋
You won't necessarily have less taken out, but you'll be able to deduct more when it comes time to file.
2006-09-06 03:50:58 · answer #7 · answered by Robin A. 3 · 0⤊ 0⤋
it will go down...assuming your pay periods are bi-weekly and the gross amt is 1730.77 the federal withholding per the circular e (employers tax guide for 2005) would have been 282.00 for single and 185.00 for married...this is all contingent upon how often you get paid...if its weekly it is different but yes, for the most part it will decrease
2006-09-06 03:55:05 · answer #8 · answered by cookiesmom 7 · 0⤊ 0⤋