Completing W4 for First Time
May 1st 2007, 2:35 pm
#16
Powder Maggot
Joined: Nov 2004
Location: Nuevo Mexico
Posts: 4,452
Re: Completing W4 for First Time
It ain't that simple though. Have you looked at the worksheets on the back of the W4? When you combine salaries and file taxes, you may for example find yourself in a different tax bracket. If you only use the front of the form, remember that tax is taken out of that salary on the basis of that salary alone - not the combined income of both of you. If the two salaries are significantly different, expect to be royally screwed next April unless you do some more research first.
May 2nd 2007, 1:08 am
#17
Joined: Feb 2007
Posts: 1,442
Re: Completing W4 for First Time
Claim the correct amount of dependents, i.e. you and your wife, and I guarantee you will not be overpaying the government but underpaying them and will have to owe at the end of the year.
Why are so many people unwilling to put in a few bucks too much on taxes? Are you really going to save that $20 or $40 a week and how much interest will you earn on it anyway. Hell with today's interest rates rather than a check from the feds for $1,500 in time for a nice winter vacation then have to pull it out of the bank.
Why are so many people unwilling to put in a few bucks too much on taxes? Are you really going to save that $20 or $40 a week and how much interest will you earn on it anyway. Hell with today's interest rates rather than a check from the feds for $1,500 in time for a nice winter vacation then have to pull it out of the bank.
..............at last, someone who shares my opinion.
Septics are so at odds with the idea of the Feds getting any money from them that a few dollars taken from a paycheck is anathema..........rubbish. If it means you have a cleaner tax-filing day (or week-end
) then let them have the $20 or $40 extra........you dont miss it and its nice to get a 2k or even 3k refund every year.So..........if like me, you have 2 younguns and an OH, a mortgage and a cat........then suggest the one who earns more takes the deductions (my case 4) The one whose paycheck is lower, or fluctuates - claim zero. That way you aren't "over deducting" and you get a nice windfall.
May 2nd 2007, 1:21 am
#18
Just Joined
Thread Starter
Joined: Mar 2007
Posts: 20
Re: Completing W4 for First Time
Thanks for all the help and opinions. I took it all onboard, and have since submitted my W4 only claiming 1 deduction, mirroring my what my wife had done.
