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W-4 Underpayment Penalties
I'm trying to withhold as little as possible so that I take home as much as possible. I have a stay-at-home wife and four dependent kids. Based on what I understand, I'm withholding enough to pay my taxes each year but not enough each quarter, so I incur an underpayment penalty when I file in February. How do I calculate what I should be paying each quarter to avoid the penalty?
May 28, 2025
9:20 AM