Given your significant changes in income and family status, it's a good idea to review and potentially adjust your withholding.
Here are a few reasons why:
- Your hourly wage has more than tripled, which likely means you're in a higher tax bracket now.
- Being married and having two children can affect your tax situation, including eligibility for various credits and deductions.
- With only one income, it's important to ensure your withholding is updated to reflect your current financial situation.
To help you estimate your withholding and make any necessary adjustments, you can use the TurboTax W-4 Withholding Calculator. This tool will help guide you through the process and help you determine the right amount to withhold from your paycheck