I got married about a year ago. I haven't changed my filing status yet to married. I want to know what will happen to my weekly check if I change it to married. Will it go up or down? Is it a good idea? I ask because I like a big refund check at the end of the year.
2007-03-09 01:34:32 · 8 answers · asked by staggvocals 2 in Business & Finance ➔ Taxes ➔ United States
if you change your W-4 to married, your weekly check will go up.
If you don't want that to happen, file a new W-4 and check the box that says that you are married, but you want your withholding to be calculated using the single rate schedule.
2007-03-09 01:40:02 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Since you're married, you have no choice on your filing status -- either Married Filing Jointly or Married Filing Separately.
Don't confuse that with your withholding exemptions, however. If you change your withholding status to married, your take-home pay will go up and your refund will go down. If you select Married, but withhold at the higher Single rate your pay will stay about the same.
But why would you want to give the government an interest-free loan?? Cut your withholdings and put the extra in a savings account. That way, you keep the interest instead of "donating" it to the government.
2007-03-09 10:35:16 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Claim the same number of exemptions you have been, 1 or 0, but change to married. This will not change the amount of your check or refund. If you claim your wife on the w-4 then less will be taken out of your check and you may end up having to pay in at tax time.
2007-03-09 09:45:38 · answer #3 · answered by catmomiam 4 · 0⤊ 2⤋
Filing status and deductions from your paycheck are two different things.
If you claim 0 for tax deductions on your W-4, your employer will deduct the maximum tax possible. You may also claim 1 for you or 2 for you and your wife...if you choose the other they make deductions that are less than if you claim 0 on your W-4.
For filing your taxes, claim married and you will have higher deductions on your tax return and thereby yield a higher refund check.
2007-03-09 09:40:21 · answer #4 · answered by Anonymous · 1⤊ 1⤋
If you change your w-4 status to married, you will have a larger net pay. But will have less of a return at the end of the year.
Since you like the large return, I would leave things the way they are.
2007-03-09 10:12:23 · answer #5 · answered by Anonymous · 0⤊ 2⤋
keep filing single-0 at work if you like to get refunds. but, the refund might not be a large as you are used to as your combined income (yours + wife's) might bump you up into a higher tax bracket.
2007-03-09 10:00:11 · answer #6 · answered by RichManPoorMan 2 · 1⤊ 1⤋
if you like the government borrowing money from you at ) interest, i.e. you like refunds, then do nothing. if everything else is the same as now you will get a larger refund.
2007-03-09 12:19:28 · answer #7 · answered by Ovrtaxed 4 · 0⤊ 0⤋
If your spouse works and is going to file you should file jointly.
2007-03-09 09:44:28 · answer #8 · answered by deeshamon 2 · 1⤊ 1⤋