Hi @AA235 ,
The new 2023 Form W4 does a great job at allowing you to adjust your withholdings.
- On form W4 Step 1, you and your spouse should both report as Married Filing Jointly.
- On Step 2 (b), if both of you work, then complete the worksheet in page 3 of the W4 form (link included below). The worksheet Step 1 refers to the Table in page 4 for Married Filing Jointly - use the first table to complete Steps 1-3 of the worksheet.
- On Step 4 (c), you can enter any additional tax you want withheld each pay period.
If you or your spouse are self employed, make your estimated quarterly payments. To calculate your estimated payment amount use the worksheet on page 6 Form 1040 ES (link included below) to help you calculate the amount due each quarter.
I also suggest you can research if contributing to your 401K at work or IRA contributions can help you minimize your tax liability at the same time saving for retirement.
Below are some helpful articles:
Estimated Taxes: How to Determine What to Pay and When
Employee’s Withholding Certificate
W-4 Calculator 2023
Boost Your Retirement Savings
Thank you for reaching out and good luck!
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