2 part question
1) I got married 4 months ago, i changed my w-4 form to married and only claiming 1 for my spouse federal and 0 for state. They are still taxing me alot around 26%. I thought married people get taxed less? Or do you get more returned.
2) Also on taxes do you get more return the more you make example if i made 20k last year claimin 0 state and federal, would I take home now if i were making 30k this year claiming 0 federal and state?
I’m married too and both of us work but we decided this time to claim independent and 1 person . that way were not stuck paying more for taxes and less comes out on the pay check.
the hubby use to add me and just have more taken out at taxes . so at tax time.he got more back . verses claiming both and having least amount taken out then he was more likely to have to pay in
hope this helps
if you need more info talk to your accountant who does your taxes
Report this comment
A good general rule is for the individual with the higher income to claim M-1 or M-2, and the individual with the lower income to claim single 0 (or married but hold at the single rate, 0 exemptions).
The withholding tables assume your income is all you have for the year, and your spouse’s is all they have for the year. But when you combine them you are generally taxed at a higher rate.
Report this comment
Use the IRS withholding calculator below to estimate the number of exemptions you should claim. Ideally you should try to have your withholdings equal to your tax liability so yyou don’t owe or receive a return.
http://www.irs.gov/individuals/page/0,,id=14806,00.html
Report this comment