Search results
Results from the WOW.Com Content Network
Choosing "Married, but withhold at higher single rate" is available for all married people and is typically viewed as a simpler option than going through the worksheet for the W-4 when both spouses have earnings.
I found that there used to be an option "married, but want to withhold at the higher single rate", but it has been removed in recent updates to the W4 form (see here for example). I struggle to find anything online -- written since the W4 update -- indicating that putting single withholding on the W4 and filing married-jointly is a good idea.
You are very likely in the 33% tax bracket (married filing jointly income range of $231,450 to $413,350), so your wife's additional income will effectively be taxed at 33% plus 15% for self-employment taxes. Rounding to 50% means you need to withhold $19,000 over the year (or slightly less depending on what business expenses you can deduct).
At any rate, you can fill out your W4 using the Single option. All the W4 is used for is to calculate how much to withhold from each pay period, it doesn't affect how you file your taxes at all. So you can pick the Single option, as that's the same as Married, but withhold at the higher single rate.
27. The status of 'married' or 'single' on your W-2 has nothing to do with how you file your taxes, only with how taxes were withheld by your employer. Single status withholding is higher than married, which means you probably paid more taxes than you needed to. This is not a huge problem, and can get back the excess paid in a refund when you ...
I don't know how the $400 figure you quote was arrived at, but I would suspect that if you have any investment income through mutual funds at all, you both would be better off requesting to have taxes withheld at the "Married but withhold as if I were a single person" rate so as to avoid a penalty for paying too little tax or having to scrabble ...
If you are single and have more than one job or are married and you and your spouse both work and the combined earnings from all jobs exceed $50,000 ($20,000 if married), see the Two-Earners/Multiple Jobs Worksheet on page 2 to avoid having too little tax withheld. Two earners or multiple jobs. If you have a working spouse or more than one job ...
Your filing status is based on whatever your status is at the end of the year. If you are married on December 31, 2020, then you will file as Married Filing Jointly (or Married Filing Separately) on your 2020 tax return. For details, see the Filing Status section of the Form 1040 instructions).
In Federal tax form W4, I am trying to figure out what to put in the following section so that my w4 is correct. I changed my status from single to married since I got married recently at the following location on my employer's website: In the Claim Dependents section, I selected 1 since my spouse is dependent on me. However, when I selected 1 ...
Yes, if you claim exemption from withholding, you may be prosecuted. If you attempt tax evasion, you may be prosecuted. If you claim 99 exemptions to zero out withholding, you may be prosecuted. But if you check "single or married filing separately" when you actually file jointly, there's an infinitesimal chance of the DOJ going after you. –