Monday, May 10, 2010

Tax Whizzes! Is more money taken out of your check if you check that you are married?

Do you exempt 2 rather than 1 when you get married?Tax Whizzes! Is more money taken out of your check if you check that you are married?
No, changing from single/2 to married/2 will mean that LESS money is taken out. (If you look at the W-4, the form even has an option to say married, but please withhold at the higher single rate.)





If both of your work, you need to use the withholding calculator at irs.gov to get a better feel as to what you should put on the W-4.Tax Whizzes! Is more money taken out of your check if you check that you are married?
My bosses recommend that the person with the higher salary claim married two and that the person with the lower salary claim married but withhold at the higher single rate with no exemptions.

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