Whenever there are multiple jobs or both spouses work, your W-4s need to reflect that. You can adjust your withholdings for every job or just make changes for one job. The more you have withheld, the bigger your refund. And when you don't withhold enough, of course, lower refund, or you may owe. Changing your filing status to Single will cause your employer to withhold more tax. You can reduce the number of dependents as well to have your employer withhold more taxes.
Review and Update your W-4
• Complete Form W-4 at the start of employment, so your employer can accurately calculate how much federal income tax to withhold from each of your paychecks.
• If you withhold too much, it’s like giving the federal government an interest-free loan. If you withhold too little, you may face an unexpected tax bill and perhaps a penalty for underpayment.
• Your personal information is used to determine your filing status, Standard Deduction, and tax rates. If you hold more than one job or are Married Filing Jointly and your spouse also works, include that information on your Form W-4.
• You can claim an exemption from withholding if you had no income tax liability in the prior year and don't expect to have a tax liability in the current year.
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