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SG718
New Member

Federal tax withholding

Hello, I’m wondering about how I can get the most money in each check? I am preparing to get married and I’m looking for ways to maximize each paycheck.

 

Thank you,

Sara

1 Reply
KochuK
Employee Tax Expert

Federal tax withholding

Hi SG718, Congrats and thanks for the question.

 

Getting Married is a major life event. Recommend that you send in a new Form W4 afterwards.

 

Below is the re-designed Form W-4 from tax year 2020 and onwards.

Form W-4 Employee’s Withholding Certificate

https://www.irs.gov/pub/irs-pdf/fw4.pdf

* Go thru Step 2 (b), find the intersection of "higher paying job" and "lower paying job" (chart on page 4) divided by remaining pay periods, enter result on Step 4 (c);

* Use 

IRS Tax Withholding Estimator

https://www.irs.gov/individuals/tax-withholding-estimator

to find out what to enter on Step 4 (c).

* to have less taxes withheld -

  1. Increase the number on line 4(b)
  2. Reduce the number on line 4(a) or 4(c)
  3. Increase the number of dependents.

Caution: If you have too little tax withheld, you will generally owe tax when you file your tax return and may owe a penalty unless you make timely payments of estimated tax. If too much tax is withheld, you will generally be due a refund when you file your tax return.

 

Hope the above helps.

 

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