{ "media_type": "text", "post_content": "If both my wife and I have married and 0 dependants(it's just us two for 2017) on our W4s... How am I ending up owing 5k federal taxes. Is it common for the witholding to be that far off? ", "post_id": "5aa20d10c199e70018dc1833", "reply_count": 10, "vote_count": 2, "bowl_id": "58f0df008ad7250010f8c590", "bowl_name": "Compensation", "feed_type": "bowl" }

If both my wife and I have married and 0 dependants(it's just us two for 2017) on our W4s... How am I ending up owing 5k federal taxes. Is it common for the witholding to be that far off?

like
Posting as :
works at
You are currently posting as works at

It’s best to withhold as single even if you’re filing jointly for the reason EY 1 stated

like

Yes, pretty typical. Neither of your firms accounts for the other’s income, so withholding is occurring under the assumption that each of you is the sole income

like

We had the same issue...lesson learned.

like

If you are married filing jointly you should both file married but withhold at a higher single rate aka "single" I got fucked with this the first year married as well. For some reason the federal government doesn't withhold as much federal taxes when you are married. Another option is for both of you to file married but withhold at a higher single rate and then around june (after 6 months) you can change yours w4 to married 0 to get a little more in your paycheck. It's a process but remember married 0 is not the same as single 0.

like

Well... how many withholding allowances do you have... may need to readjust

Just use the IRS Withholding Calculator. It tells you what to adjust your withholding to for the remainder of the year in order to minimize overpayment

Following

If you have a big difference in incomes, the person with lower income should file 0 and single.

Basically happens because you either together end up in higher tax bracket or one of you is already there so the other person doesn't get enough withheld throughout the year.

I always claim 0 even I’m single. I hate paying at the end of the year..

Each claim single is whay my CPA told me.

Additional Posts in Compensation

🐅 Cougar power 🐅🐅

funnylikeuplifting

To join the referral program WhatsApp me on 8778910713

Post Photo
funny

Anyone else here give up easily on things? I lose interest in almost everything I try, whether it’s the GMAT, a hobby, etc. How to motivate yourself and stay positive at the same time?

like

Only day of the year I can do this

Post Photo
likefunny

Best resources to fully understand COL in a new city/state? Average cost of certain goods/energy comparison, income tax/take-home pay calculator, etc.?

What is the current market slab for .net core backend developer with 7 yoe?

Hi fishes, I have total experience of 6.3 years but was on a break for 2 years. I have got offer from HCL as tech lead, for c#wpf technology. They are offering me 16 CTC. What negotiations shall I be doing ?
Thanks in advance.

like

When an agency is about to hire you as a creative lead but without seeing your book to find out what you had done in your career, is that a red flag to you as a creative?

like

Using quotes from "influencers" in your pitch? Yay 👍 or nay 👎

likefunny

Axis Bank credit card - yes or no?
Is it good to have a credit card or has any cons?

like

Hi guys! Can anybody refer me to anyehere that might have remote openings for a Scrum Master, Software Development Manager or Agile Coach opening. My priorities are WFH roles.

Just had my first panic attack on client site today... I had very little knowledge of panic attacks and was honestly under no pressure or stress. It happened so fast and so strong that I thought I...

Is mphasis giving permanent wfh to all employees?

Any advice on breaking bad habits/mentalities after leaving a toxic firm? I just started at a new firm that I genuinely really like, but I’ve started to realize how much my prior, very toxic firm messed up my mentality about certain things. For example, the partners at my new firm are super approachable and supportive, but I feel like my old firm conditioned me to still be deeply terrified of reaching out to partners in general with questions and to get feedback. I’d love to hear your thoughts!

like

What’s up with Solve in Minneapolis?

Still rocking the cotton candy - went full pink on this one. Probably should have worn my Speedmaster for Speedy Tuesday 🤔

Post Photo
like

Hi ladies, I’m interested in getting a treatment done for acne scarring/dark spots. Anything you recommend? I’m a 22 year old white female(in case skin pigment matters for the procedure).

like

This time last year when I wanted to make a reservation for a spot on the patio I was laughed at by every establishment.

What's that? Now you can guarantee me a patio spot no problem?! You are dying for me to dine at your establishment?! Wowwww

funnylike

Is there anyone on here that’s a Registered Dietitian with there own private practice? I am currently working in a acute care hospital as an inpatient dietitian and even though I do enjoy it, the pay is rough. I make 54k a year in south Florida. Does anyone have any advice for starting your own business. And If you did are you happy with your decision and was it worth it?

like

I am pursuing a part time Mtech in Data Science. Is there research opportunities in EY GDS which can compliment my Mtech or may be helps me for higher studies without quitting the organisation?

like

Additional Posts (overall)

How common is 240k+ base for Director /SM roles in industry with 10+ YOE (10-20) in non strategy non-coding non-sales roles?

like

Any idea on what’s the compensation package look like for Microsoft OCM sr Consultant ( aka adoption & change mgmt leader) ?

like

For our Social Security income when we qualify for it, is it based on the highest annual income during the entire working life, or the most recent income the year before being qualified?

like

Anyone know what a business risk senior manager at Citi makes for base and bonus?

like

Does ZS pay more than big fours? For IT Advisory S to M level

like

What level should you come in at to join IBM GBS with 3-3.5 years of consulting experience?

like

Currently interviewing for SM role in EY. 15 years exp in Big 4 and location is T2 city. What’s should be the expected salary range?

like

How much fors pwc offers to newly promoted Senior Consultant?

like

What are the Manager salary bands (min/max) at the different firms?

like

Can I get $175K at Deloitte as a SC?

like

Let's support fair pay through transparency and share: Title, Education, Comp, YOE, COL, hours/week, etc.

like

Can anyone tell me the salary range for a consulting associate at Huron? Strategy and operations. Huron.

like

Has anyone successfully made a case against your annual comps / bonus and won? What’s your story? How often does this occur?

likesmart

Anyone have a good resource for making a plan to tackle debt? I feel like I’m making more but it’s difficult to get things to go down.

like

Just got placed on PIP due to feedback from a team I worked my ass off for during the year. Mid year feedback was different from communications during check ins. Ideas on what to do as I have no

like
like

Just got offered software engineer role with Uber. Anyone on the bowl join Uber recently that can help me with negotiations?
Thinking of $20k sign on, $120k base and $40k RSU. Have 4 YOE.
Any input appreciated! Thanks in advance :)

like

Thoughts on transitioning from Deloitte Government Public Sector (promotion year C @ 72k) to a major engineering firm as a Senior Engineer @ 115k + 15k + relocation?

like

Anticipating an SA3 offer from PwC. Going into Deals Transformation in Chicago with an MBA. Trying not to leave money on the table. What should I ask for?

like

How much does a 1st year SM (S&O) make in base and bonus (e.g. for a 2 rating) who started as a MBA campus hire?

likehelpful

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy.

Already have an account? Log in

New to Fishbowl?

image with Fishbowl logo and arms reaching out for a handshake

Already have an account? Log in

By continuing you agree to Terms of Use and Privacy Policy.
Messaging rates may apply

For account settings, visit Fishbowl on Desktop Browser or

General

Legal