Okay, well heres the thing. I get paid by salary $1200, my check usually comes out for $945, I've had it as "single" and 1 dep. however I've been married for 3 months or so, and I barely remembered about the "single" part, so i asked to change it, so now its married and 1 dep. my check came out for $1000, and my husbands check came out for around $300 more, he too has married and 1 dep. will this affect us, when we have to do our taxes? Since its only us, will we have to pay alot? thank you.
2007-08-01 05:50:54 · 6 answers · asked by jess 1 in Business & Finance ➔ Taxes ➔ United States
The more you claim the more you get in your check in most cases...Depending on how much your paying you will see a signinifcant decrease in your refund and in fact may have to pay.
2007-08-01 05:55:29 · answer #1 · answered by MCK_23_L 3 · 1⤊ 0⤋
Yes this will affect you when you do your taxes.
The witholding is a way to estimate your taxes for the year. You have money witheld and then calculate your actual taxes and compare to your withholdings. If you witheld too much you get a refund and too little and you will owe. If you owe too great a percentage of your total tax bill you will also get penalized.
The best thing to do would be to estimate your combined earnings and simulate your tax return and check it against your witholding rate to see how you'll do. I know it's a lot of work, but if you don't want to owe a lot or get too large of a refund it is really the best thing to do!
2007-08-01 12:59:17 · answer #2 · answered by Rush is a band 7 · 1⤊ 0⤋
Figure out who makes more and let them claim the dependent. Technically you can't both claim yourselves and your spouse. You can either claim yourself, and he claims himself, or you claim zero and he claims you and himself. The best thing to do would probably go see a tax adviser so you can make sure. I know that I'd rather pay someone $50 now than wait until April and find out that I have to pay $300 or something like that. Good Luck!
2007-08-01 13:00:20 · answer #3 · answered by coopermom2006 3 · 0⤊ 0⤋
I assume that when you say "dependrent" for your W-4, you really mean "allowance" and that the "1" you are each listing is for yourself.
By having less taken out of your paychecks, you might owe a little, or if you get a refund, it would be smaller by the amount of the extra you got in your paycheck.
2007-08-01 13:31:09 · answer #4 · answered by Judy 7 · 3⤊ 0⤋
Since you are both claiming a dependant, you may end up owing taxes next year. From now on, you shouldn't claim a dependant that you don't have
2007-08-01 12:55:31 · answer #5 · answered by Andrea B 3 · 0⤊ 2⤋
Go to the link below and enter in all of your information and your husbands and it will tell you what to do about your withholdings...
2007-08-01 13:01:06 · answer #6 · answered by mks6128 2 · 1⤊ 0⤋