hello, I am filing taxes jointly and we paid taxes last year. I want to adjust our w4 so we get a refund or don't pay any taxes. incomes are 75k and 98k. what is the optimal extra tax withholding.
The best way to ensure what the optimal tax withholding will be for you is to use the IRS "Tax Withholding Estimator" tool, https://apps.irs.gov/app/tax-withholding-estimator, to calculate your taxes owed. After doing this, go to https://www.irs.gov/pub/irs-pdf/fw4.pdf, and prepare your W4s. You may want to consider making additional tax withholding in Step 4(c) of the W4. You will then take the W4s and go to your employer's site and make the changes accordingly.