Additional Posts in Compensation
🐅 Cougar power 🐅🐅
Only day of the year I can do this
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Conversation Starter
Can I get $175K at Deloitte as a SC?
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It’s best to withhold as single even if you’re filing jointly for the reason EY 1 stated
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
We had the same issue...lesson learned.
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.
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.