2 part Question..about taxes, help if you can?

Question

My soon to be husband knows nothing about filling out W2's and neither do I. He cant remember what he filled out when applying for his recent job bc he gave the lady at the front dest his W2 to fill out for him, yes I know stupid. We arent getting married until September 2007 so he should put what on his W2's and do what when he files this year for taxes? And then what should he change it to when we get married? We have no children either. I dont understand the whole single and 1 or single and zero or married and zero, understand what im saying hopefully. We would or he would rather take out the least amount on his paychecks, we arent too worried about getting a huge return. So can someone just tell us EXACTLY what we are supposed to do but maybe in a easy way to understand please. I hate to even ask this question but we both are at a lost and I dont want the office lady to put something down to cause us problems in the future. Thanks!

yes obviously im confused regarding the W2s and W4s and W9s. Im not sure what exactly got put down, I know when he recieved his first check he wasnt happy with how much taxes where being taken out. Therefore he went to the office lady and she fixed it, whatever that means. He gets paid tomorrow so I will ask him to bring his check stub home. Apparently my understanding is because of whatever he filled in the first place he was unhappy with how much they were taking out. There is no reason for him to claim me, I wouldnt think or should he. See thats why I get confused. And no I dont work, never had too cause I have been in high school or full time college, and have never done taxes myself.

okay so bc he filled out the W4 incorrectly or he let her fill it out they are taking the max out, which is single and 1. If I understood the guy that said that. Thats what he told me when he recieve his first check is he was getting the max out and they were gonna fix it. Yes I understand the office person isnt supposed to but apperantly she did, with his approval. I dont work and wont have to fill out or worry about taxes. I guess that is another question is he supposed to claim me? Would that be fileing single and 1?

Answer 1

OK, it’s a W-4 you are talking about – the form that an employee fills out to tell their employer how much to withhold for income taxes. If his is now set at single and one allowance, he’s probably fine. Single and zero is actually the default if they don’t have anything on file, so check that's not what they put.

Since you’ll be married by the end of 2007, you’ll be able to file a joint return next year, so his status for the whole year will be married since it goes by the end of the year, doesn’t split for part years. He should change his W-4 then to married, and since you don’t work, 2 allowances. Next year you will probably end up with a refund, since they’ll be taking out more until September when he changes his W-4, but it should be pretty close the following year when they’ll deduct the same amount all year. He could probably claim single-2 allowances now and you’d still be pretty much OK for not owing or at least not owing much next year.

Good luck on your taxes, your school and your marriage….

Answer 2

A W-9 is used for contractors or vendors, not employees. A W-2 is what you get at the end of the year showing all of the earnings for the year. What you are talking about is a W-4.

You can claim whatever you want on your W4, the IRS does not see it. If you file married, less is taken from your paycheck. The more allowances (dependents) you claim, the less that is taken out of your paycheck. BE CAREFUL, if you claim too many during the year, you could end up paying taxes come tax time.

Answer 3

As a taxpayer, you don't put anything on your W2. Your employer fills out Form W2 and sends it to you at the end of the tax year.

You tell your employer how much tax to withhold from your pay by filling out Form W4 and giving it to your employer. To complete Form W4 properly, you need to read the form carefully and fill it out. If you have itemized deductions, more than one job, a spouse that works, or significant income that is not subject to withholding, there are 2 worksheets on page 2 of Form W4 that will assist you in filling them out.

The "office lady" doesn't fill out Form W4. You do, and you sign it yourself. If you don't fill out a W4, the employer is required to withhold at the highest rate, Single-0.

If you can't figure out the Form W4, you and your husband should jointly consult with a tax professional for assistance.

As a very general rule of thumb, until you actaully get married you should both claim Single-0 or Single-1. Once you are married, you should both give your employers a new W4 claiming Married-0 or Married-1. This assumes that your incomes are similar, you have no itemized deductions or dependents and have no other sources of income. If this isn't the case, you need to carefully prepare Form W4 using the instructions and worksheets on page 2 or get professional assistance.

Here's a link to Form W4 at the IRS website. http://www.irs.gov/pub/irs-pdf/fw4.pdf You can download that and fill it in on your computer, print it out, and give it to your employers.

Note, a W9 is a request for your SSN or TIN. You don't give a W9 to your employer. You might give one to your bank or a firm that you have a business relationship with so that they can properly prepare Form 1099 for other payments.

Answer 4

I think you are confusing W-2 and W-9. The W-9 form is the one where you claim exemptions and additional withholdings from your pay.

Your husband should be able to look at his pay stub to see how many exemptions he currently has declared.

If I were him, I wouldn't change it at all the first year due to your marriage. Note that you didn't say if you worked or not. There is no "Exactly what you should do" in this case. I suspect he has 1 exemption now, and I would keep it at that, then adjust in 2008 based on your 2007 year-end tax situation (if you owe taxes reduce it, if you are due a big refund then increase it).

Good luck.

Answer 5

The form that you are referring to is a W-4 Form. This form tells your employer how much income tax to take out of your paycheck each week and then submit it to the government for you. When your employer uses this form, they will multiply your weekly pay by 52 to come up with an estimate of your total pay for the year. From that number they will determine, based on information on your W-4 Form, how much your income tax for the entire year will be. Then they divide that by 52 to come up with how much your income tax will be for just this week.
The problem with coming up with an exact answer to your question is that there is not an exact answer. There are too many specific items to give an answer that fits all. You need to consider every item that affects your total income tax for the entire year to determine how much to have taken out of your check each week. In other words, you need to come up with an estimate of what your tax return will look like next year.
You might not like this answer but I will continue anyway. My recommendation for you is to take the W-4 form home with you, read the instructions that come with it, and fill it out according to those instructions. Another choice is to pay someone to sit down and do it for you. For future reference, LEARN ABOUT THIS FINANCIAL STUFF. By not understanding finances, you could be, no, will be, letting many thousands of dollars slip through your fingers in your lifetime without ever knowing it. By thousands, I don't mean the number of thousands that you can count on both hands and feet.

Answer 6

You get taxed on your total earnings. You do have a private allowance of £6,475 in any tax year earlier any tax is deducted, yet each little thing after this is subject to earnings tax. although, tax is in many cases in basic terms deducted via one organization, yet that takes under consideration your total earnings, no longer in basic terms that from that employment. the certainty the jobs are area-time would not make any distinction in any respect, in simple terms how lots you have earned.