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Level 1

Question

W-4 Changes after new job and wage increases

Forum|Forum|2 years ago
May 29, 2024
1 reply
0 views

Hello,

What is the recommended path to adjusting my W-4 after switching jobs and having a 30% increase in annual income?

Sidenote: I've been owing taxes on my last two returns

Ask the Experts - W-4 II - May 2024

Level 7

Thanks for the question. I would suggest using the multiple jobs worksheet, since from your question the job change appears to be recent. Just annualize the salary for the new job when using the tables based upon your filing status. Then adjust the W-4 for the new job when you use the tables to generate the extra withholding needed. Remember to only divide the extra tax withholdings that you will put in Part 4 (c) by the remaining pay periods at the new job.

Congratulations @derinm and best of luck with the new job.