Income increase and how it affects W-4

My husband and I have both received pay increases in the last few months and I'm wondering if we should adjust each of our W-4 filing status. What is the best way to determine this?

posted

This is an excellent questions. Whenever there is a change in jobs or a substantial increase in pay for either of you, a W-4 should be completed. The IRS provides an excellent tax withholding estimator that is user friendly. Here is the link:

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

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