Thanks to all who responded with tips and feedback. I will try the IRS calculator. Our situation is straightforward -- no dependents, no child tax credits, etc.
I have one follow-up question. Is this a true statement:
If one spouse of a married couple, filing jointly, earns substantially less income, deductions should only be recorded on the W-4 for the higher wage earner.
I read the W-4 instructions to say this, but I have a hard time believing it is an accurate interpretation. Is my understanding correct, or incorrect?
Thanks again.
Q.
