Hello, I'm new to the forum.
After doing last year's taxes, we will owe about $8k, and that is a first for us. After researching, it looks like a wrong W4 setting is to be blamed perhaps, so I ask for some guidance.
I have 2 jobs - $90k and $12k, and my wife works - $80k or so. We have 2 kids, one of which is in college, and the other is 11.
I filled out the W4 worksheet, and I had a question about the part where the income gets entered for the lowest paying job. Do I use my second job or my wife's?
Once I get that answer, I will return to the worksheet to complete it.
Let's say that the worksheet outcome is that I need to claim X dependents with Y additional withholding (perhaps). Do I apply those X and Y to my higher-paying job's W4 and set 0 dependents for the other 2 W4's (my second job and my wife's)? This is what I've read as a course of action in other forums and articles.
Thank you
After doing last year's taxes, we will owe about $8k, and that is a first for us. After researching, it looks like a wrong W4 setting is to be blamed perhaps, so I ask for some guidance.
I have 2 jobs - $90k and $12k, and my wife works - $80k or so. We have 2 kids, one of which is in college, and the other is 11.
I filled out the W4 worksheet, and I had a question about the part where the income gets entered for the lowest paying job. Do I use my second job or my wife's?
Once I get that answer, I will return to the worksheet to complete it.
Let's say that the worksheet outcome is that I need to claim X dependents with Y additional withholding (perhaps). Do I apply those X and Y to my higher-paying job's W4 and set 0 dependents for the other 2 W4's (my second job and my wife's)? This is what I've read as a course of action in other forums and articles.
Thank you