Hello,
Currently:
-I am Married Filing Jointly
-I am only working one job, spouse is not working
-I have 2 children under 17
I have new physical job in California, while home and family is in Texas.
I tried maximizing W-4 at prior job last tax year and am now making payments to fed irs for ~$2,744 owed from last years taxes…
Please advise who can best assist in maximizing…
Thanks David
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Hi SKOG1, It can be tricky finding that sweet spot of tax withheld and not owe too much tax and not receive too large a tax refund! There is a W-4 Calculator that takes you step-by-step through the worksheet,
https://turbotax.intuit.com/tax-tools/calculators/w4/
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 on your 2021 tax return to your year-to-date federal tax withholdings on your most recent paycheck and estimate where you will be at the end of 2022. If you find you need more withheld you can enter amount in Additional Withholding in Step 4 (c) – Extra Withholdings to be withheld each pay period.
I hope you find this helpful!
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