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Old 01-09-2014, 10:12 PM
*blackrose's Avatar
*blackrose *blackrose is offline
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Default Tax question! (W-4)

Because it's late and I can't call my father, and google is not helping....

I'm filling out a new W-4 for work, and I'm having a bit of a quandary.

For option C, it tells me to enter "1" for my spouse, BUT, if I have a working spouse (which I do), I can enter "0", which will help me avoid having too little tax withheld. Okay, sounds good. I'd like to not write a check at the end of the year.

But, when I got down to the nitty gritty of it and calculated out everything, it says they need to take an extra $50 from each paycheck for tax withholding. That's $100 a month. That is like...10% of my check. Not counting the other state taxes. That's my electric and internet bill. Or my gas for the month. Or dog food and medications. Yes, I have Mike's income now, too...but he makes $200 more a month than I do. Which makes our combined income less than $40,000 a year. $100 a month is a lot of money.

However, when I enter "1" for my spouse instead of "0", it cuts the withholding in half, and they only want $25 per paycheck. Much more doable.

So. Do I enter the "1" or the "0"? Pay the $100 a month, hope my budget survives, and hopefully look forward to a nice return check come tax time? Or do I pay less, have a happier budget, and maybe have to write a check at the end of the year?

DECISIONS.
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Old 01-09-2014, 10:35 PM
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The only time I claimed 1, I've regretted it. Spectacularly.
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Old 01-09-2014, 10:56 PM
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*blackrose *blackrose is offline
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Quote:
Originally Posted by sassafras View Post
The only time I claimed 1, I've regretted it. Spectacularly.
Bah, that's what I figured. Boo.
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~*~ DOB 1/28/2006 ~*~ DOB 4/11/13 ~*~

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