I just got married and my wife and i both earn 75k whats the best way to claim
2007-12-30 04:05:34 · 8 answers · asked by RArt 1 in Business & Finance ➔ Taxes ➔ United States
1. Call the IRS at 1800-829-1040 and have them walk you through the form. If you both make $75K ($150 total), reduce the suggested number of allowances down. At higher income levels--especially for married people, the form suggests too many allowances.
2. In March, July and September, use the IRS withholding calculator to see how far off you are. This is a program at the irs.gov website that uses the information from your most recent paycheck stub to tell you how close you are to matching your withholding to your tax bill. By checking a few times a year, you can easily adjust the amounts withheld.
3. You can also use form 1040-ES to guesstimate your taxes and then see if enough is being withheld. When I sold some stock this year, I decided that instead of mailing a check to the IRS, I would simply have $300 more withheld from my paycheck for a while. When I reached my target, I turned it off (there's a place on the W-4 for fixed amounts).
As another person pointed out, if you under withhold by more than $1000 and pay by 4/15, you can get hit with an estimated tax penalty. The official rate is 8% (though it usually is about 4% of the underpayment). If you can't pay immediately, you pay 7-8% interest AND 6% penalty...my bank pays 2% for savings, so I'd rather over withhold to the IRS than pay extra to the IRS for owing money.
2007-12-30 04:20:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
With incomes that high for each of you, I'd put married but withhold at higher single rate/ zero allowances on each of your W-4's for the rest of this year. If you end up with a refund, you could add one allowance to one or the other W-4 (not both) for each $1000 of refund you get.
For a married couple whn each has high income, the worksheets with the W-4 don't tend to result in enough withholding, so you could end up having to pay when you file, plus possibly pay a penalty for underwithholding.
2007-12-30 04:43:25 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Back to the start
see the pay role clerk and file..
Best bet see a professional tax preparer
OH
PS
Claiming 4 or more so you have no money deducted and put the money in the bank
Never Works
The government drawing interest is very lame
The standard bank only gives 2%±
2007-12-30 04:14:02 · answer #3 · answered by Anonymous · 0⤊ 2⤋
the same way you did before just mark the married box.
Just remember that when you let the government take out money from your income, and get a lot back in returns, they just earned intrest of you money. You should no have taxes withheld from your checks and put that extra into saving, Then you earn the intrest from that and pay in way less. Go ask a tax person!
2007-12-30 04:11:28 · answer #4 · answered by Sarah 2 · 0⤊ 2⤋
Speaking from past experience, if you want a refund at the end of the year, both of you claim single on your W4 that way you get the max. in taxes taken out on a weekly basis. Come end of year, you OVERPAID because you filing married and been paying single taxes.
2007-12-30 04:09:44 · answer #5 · answered by cmax9970 3 · 1⤊ 2⤋
I would suggest you use the IRS website and use the irs 2008 withholding calculator. type "2008 withholding calculator" on the irs website search engine. This program allows you to enter more specific info to your situation.
2007-12-30 05:27:56 · answer #6 · answered by Itsok 3 · 0⤊ 0⤋
I was able to save my marriage thanks to my family and friends. I also read a lot about marital issues and tips on how to save your relationship. The ebook on this site helped me a lot http://savemarriage.toptips.org
Check it out it's worth it.
2014-09-26 03:47:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Where it says number of dependents put 0 that way you will get back money when you file taxes.
2007-12-30 04:08:08 · answer #8 · answered by Anonymous · 1⤊ 3⤋