Hi,
My spouse works a full time job, and I work 3 part time jobs that add up to the equivalent of my husband's salary. We have two kids.
We underpaid on taxes last year and I'd like to figure out how to adjust our W-4s so we don't owe this year. Thanks!
First, I recommend that you use the W4 calculator to generate an updated W4 for each spouse. Here is the link: https://turbotax.intuit.com/tax-tools/calculators/w4/
If you decide to update the W4's manually, only one of you should claim the children in Step 3 on their W-4, not both spouses claiming both children. You should also use the multiple jobs worksheet on page 3 of the W-4 form to calculate an amount of additional tax withholdings that you would like your employer to withhold each pay period.
Lastly, towards the end of the year, you can use an online tool such as TaxCaster to estimate your year-end tax liability. Based on that calculation, you can supplement your W-2 withholdings by making an estimated tax payment at the end of the year to bring your total tax payments to be in line with your tax liability.
Here is the link to TaxCaster:
Tax Calculator - Tax Refund & Return Estimator 2023-2024 | TurboTax® Official (intuit.com))