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You make $300k at Deloitte and can’t figure out the answer to this question?
I may be biased because my service line is tax at a large national firm. But, I do think if you’re intelligent enough to earn 300k+ at a Big4, you should have the mental capacity to be able to figure out your W-4 and married filing withholding for 2 W-2s very very easily.
The instructions for the W-4 tell you what to do and how to compute withholding for a dual income household. If you’re close to breaking zero then you’re probably doing it correctly.
We have a marginal tax system..it will always show a skewed “refund” if you look at the totals before you’ve entered all pertinent information — especially if you haven’t entered all income.
If you try it the other way and only put in your income and withholding first you might have a similar result.
Because the overall tax liability of a MFJ couple making $100K or $300K will still differ from one making $400K so if you look at what you owe before you’ve entered your income it will be completely unreliable. Additionally, the tax on $100K of a single persons income and the tax on $300K of a single person income added together is significantly different than the tax of a couple making $400K.
Your spouse paid your taxes. I won’t tell if you won’t.
Mentor
What’s the problem? You’re married. You got paid in about the right amount. You’re trying to split it by spouse?
Never a good idea to have everything joint. Keep joint expenses joint and the rest separate but equitable. Allows you to do you
Mentor
You adjust your W-4s. When you enter the data correctly it’ll correct it properly. Just make sure you put in any extra SALT and property tax into the mix since that will get disallowed once over the limit
I handle my tax return by filing it before April 15. Don’t understand your question.
If you are filing a joint return, it doesn’t matter whose pay the withholding comes from. Have your software compute MFJ and MFS and see which is better. I would guess MFJ will give you a better answer.
just find out how much taxes you owe filing as single and pay her the difference.
Usually the tax software will compute MFS. It’s helpful for a lot of married tax payers who want to see what theirs would have looked like had they filed separately. Compare the two and then give her the difference each time, just look at it year over year.
Take your overall effective tax rate and multiply it by each of your individual incomes if you want an idea of the split by spouse. Or % of your income vs hers and apply that same % to total tax.
They didn’t ask what’s fair. Life is not fair. I was giving a simple way to give an idea of the split. Not an exact calculation.
I am in tax, withhold little and have my wife withhold a ton. We have separate checking and if she got that money it would immediately be spent at target and Amazon.
Once everything is paid; why can’t she spent her money the way she wants?