Hello Debasmita!
Determining how to fill out your W4 can be difficult at times, especially when it involves more than one job or different sources of income.
The first thing I would like to clarify, is that you may choose to elect to withhold as a single person, even though, you are married and filing joint, as your exemptions and filing status, do not need to match what is going to be on the actual tax return. Many married filing joint couples need to withhold at the higher single rate, especially in cases where both work and have no dependents or fewer deductions. However when filling out the W-4, I would recommend to carefully review the multiple income section, in step 2 and the optional adjustments section in Step 4.
You mentioned your spouse is now paid as a traveling respiratory therapist and as such, is paid varying amounts based on different contracted assignments. In this case, he is most likely to be considered a contracted employee and will be issued a 1099 NEC form at the end of the year, instead of a W2, as it will be treated the same as self employment income. If that is the case, then he will want to make quarterly estimated tax payments throughout the year ,based on his actual earnings after, unreimbursed expenses, to cover the additional self employment taxes, as well as, income tax.
Here are some links to additional information and tools you may find useful:
W4 and Withholdings
Quarterly Estimated Payments
Thank you for joining us today and have a great rest of your day!
Terri Lynn, EA
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Terri Lynn
