I have 2 kids, married filing jointly, I’m wondering how many allowances to claim in order to minimize my tax burden at the end of the year ?
Hi mushfique333, It can be tricky to find that sweet spot of tax withheld to not owe tax and not get too large a refund! You will want to submit a Form W-4 and there is a W-4 Calculator that takes you step-by-step through the worksheet,
Once you complete the form, give it to your employer. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding. It's always a good idea to compare your 2021 total tax from your 2021 tax return to your year-to-date federal tax withholdings from your most recent paycheck to make sure you are having enough tax withheld and not have a large tax due when filing your 2022 tax return.
I hope this helpful!
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