Increase in salary and W2s

[AVers1]

I started a new job last year that, due to how it setup, gives me two W2s. I file jointly with my husband. We have seen an increase in our salaries in the past year. The amount taxes we had to pay for 2022 was rather large, and I am wondering how to change my W4 for 2023. Note that I learned that the system HR used at my company was not withholding as much per paycheck as it was supposed to, and this has been fixed. However,I still wonder if I need to add withholdings, etc. Currently I believe our only withholdings are that we are married and filing jointly. 

[jacquieb]

Here is a link to a W-4 calculator which will allow you to see how adjusting your W-4 impacts the taxes you do in 2024 with our tax withholding calculator.

W-4 Calculator 

[Juliane22]

Hello AVers1!

Here is a link to a calculator to help determine what you should be entering on your W-4. 

https://turbotax.intuit.com/tax-tools/calculators/w4/

One thing to remember is that when you are both claiming married filing jointly for withholding, your taxes are being withheld with the assumption that you will have 2 standard deductions for married filing joint (one for each of you), but of course when you file you only have one standard deduction. This can lead to underwithholding, so it's important to be sure you fill the W-4 out correctly. You can go through the calculator and worksheets, but you can also each just claim single and leave the rest of the W-4 blank. This doesn't mean you will file as "single" at tax time, it just helps withholding to be calculated correctly for a 2 earner household.

I hope that helps!
Juliane