What is the name of your state? Indiana
Hi, I hope that this is a good place to ask this questions because I don't know much about any of this but, my husband just got his first "real" job and had to fill out his w4 for his employer. His first pay stub came back and approx 36% of the pay was taken out. It started at 5,000 and ended at 3,149.58. This seemed extrodinarily high to me. Also, the number of tax exemptions (for the W4, not for end of the year income tax return) is 5. So here are my questions:
Isn't that a lot to be taken out?
I feel like we should lower those exemptions so we hopefully don't have to pay much/anything at the end of the year...is that a good idea?
And if we lower those exemptions, are we going to be screwed...because based on this first check and how much was taken out, aren't they only going to take out more if we lower it?
Hope this makes sense and I hope someone can shed some light on this. I am not very smart about this type of thing, and I really don't want to end up screwing ourselves, but 36% just seemed outrageous based on the number of exemptions we had!! Thanks in advance for any and all advice!!
Hi, I hope that this is a good place to ask this questions because I don't know much about any of this but, my husband just got his first "real" job and had to fill out his w4 for his employer. His first pay stub came back and approx 36% of the pay was taken out. It started at 5,000 and ended at 3,149.58. This seemed extrodinarily high to me. Also, the number of tax exemptions (for the W4, not for end of the year income tax return) is 5. So here are my questions:
Isn't that a lot to be taken out?
I feel like we should lower those exemptions so we hopefully don't have to pay much/anything at the end of the year...is that a good idea?
And if we lower those exemptions, are we going to be screwed...because based on this first check and how much was taken out, aren't they only going to take out more if we lower it?
Hope this makes sense and I hope someone can shed some light on this. I am not very smart about this type of thing, and I really don't want to end up screwing ourselves, but 36% just seemed outrageous based on the number of exemptions we had!! Thanks in advance for any and all advice!!