Btween my wife and I we will make 100800, starting in mid sept. Prior too that, i got araise to 55800, from 47500 in june.
Question is what status to fill out in W4 so that i can not owe taxes, right now i am married 2
2007-08-28 08:25:15 · 3 answers · asked by Dan 5 in Business & Finance ➔ Taxes ➔ United States
I do not want to owe taxes at the end of the year.
2007-08-28 08:45:37 · update #1
If you do not want to owe tax then you claim exemptions accordingly between the two of you. You could claim two and she zero or vice versa. If the higher wage earner claims two, then you will likely break even or owe a small amount. If the lower claims two and higher zero, then a refund is likely.
Factors that impact this are whether or not you itemize. If you itemize, then for every $3000 of expenses above the standard deduction you could claim an extra exemption. This would reduce the refund but increase your payday. Other things to keep in mind are stock profits or self-employment etc. Income from other areas may require Estimated Tax Payments or greater withholding.
2007-08-28 09:11:49 · answer #1 · answered by exirsman 5 · 0⤊ 0⤋
If you are filling married/2 now, I assume that your wife is filing married/zero or you have a dependent child.
Unless you have a dependent child, I'd change yours to married/one. If you do have a child, married/2 should still be OK. When you make more, they'll take more out for the same W-4 info.
2007-08-28 10:49:12 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Do you mean you don't want to owe taxes at the end of year, or you don't want taxes taken out of your paycheck?
2007-08-28 08:33:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋