I just got married a month ago. Should I change taxes?

Question

Should I change my payroll taxes to married? What are the benefits/drawbacks to filing married? I cannot ask my HR/payroll dept. I am in the HR dept and no one here knows the answer.
thanks

Answer 1

The biggest tax benefit to being married is having kids. They're worth their weight in gold on the 1040.

The next biggest benefit is that even if you marry on Dec 31, you can claim married for the whole year and file married joint. This is the most beneficial filing status of all of them.

Whether you want to change your w-4 is up to you. If you don't, you'll get a big refund at the end of the year. If you do, you'll get your money back now in the form of a slightly larger pay check. There's no requirement.

Warning: if you don't file for change of name with the Social Security Admin, your tax return can be rejected! This usually happens at least once after every marriage. The IRS will reject the return because the social that you used last year with your maiden name doesn't match the social you're using now with your married name. Social mismatch is an automatic reject.

...but it's one you can fix, it's just an additional pain during tax season...

Answer 2

You are supposed to file a new W-4 to reflect your marital status. This will change your withholdings. If you fail to file a new W-4, there is no penalty, other than the penalty for inadequate withholding, if applicable.

On your 1040, you must file as either "married filing jointly" or "married filing separately". You cannot file as "single" unless you divorce by the end of the year, obtain an annulment, or are "considered unmarried" by the tax laws.

Answer 3

There are tables in IRS publication 15 showing what will be deducted, or you can go to paycheckcity.com and enter your info each way and see what the difference would be.

If you change your W-4 to married, they'll probably take out a little less. But if both you and your spouse make a substantial income, that could end up having you owe at the end of the year.

Answer 4

You could try to calculate how much your tax will be when you file as MFJ, and adjust your witholding(s) accordingly.
At this late time of year, I suggest you both leave your witholding as is, and see what happens when you file your tax return. You will probably get a refund , possibly a large one, and then you can change your witholding next year to avoid giving Uncle Sam an interest free loan all next year.

Answer 5

Maybe, maybe not, you have to estimate which is best. You have no options but to file as married. Your choices there are separately or joint with your spouse. One thing you must do is inform Social Security of your name change otherwise any refund will be held up.

Answer 6

you do no longer ought to do a acceptance substitute (you could legally save your maiden call). you do no longer ought to document taxes mutually (I fairly have been married 10 years and document my taxes that way). earnings adjustments ? Do you propose develop or decrease. ? develop sounds exciting. If those are the only motives, consistent with probability you need to re-think of issues ? in case you prefer to flow by using with it, you want a divorce and an lawyer. Reference this internet site for loose legal suggestion. I ran in this internet site while i become searching for legal suggestion. it rather is loose and has authentic / authorized attorneys. Don’t forget, attorneys will meet with you for an preliminary assembly for loose. additionally, in recent times, many attorneys will make preparations with you for money on a weekly, bi-weekly foundation. Don’t forget, authorized specialists, like all and sundry else, are having a no longer ordinary time making ends meet. they are keen to artwork with you. in basic terms get out your yellow pages and initiate calling them (in case you don’t prefer to envision out the positioning). Peace. ???