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zuniga-mike
New Member

New job W-4, married, 2 jobs(1 self employed), baby on the way.

i need to fill out a W-4 for a new job i am getting and would like help figuring my withholdings. i will be earning the majority of our income. my wife is self employed as a hair stylist and we're expecting our first child by the end of the calendar year. the whole thing is becoming a huge head ache mainly because we have 2 earners but her income fluctuates year to year as well as her deductions for product, chair rental, ect. so its hard to really estimate her annual income. then throw a baby into the mix and it has become more confusing.
essentially i would like help understanding how to properly fill out my W4 so i don't end up owing at the end of the year. we fall under the15%- $18,650 to $75,900 tax bracket as we file jointly.

any help would be greatly appreciated

-mike
3 Replies
SweetieJean
Level 15

New job W-4, married, 2 jobs(1 self employed), baby on the way.

zuniga-mike
New Member

New job W-4, married, 2 jobs(1 self employed), baby on the way.

"i need to fill out a W-4 for a new job" i can't just estimate how much my checks will be without taking into consideration my withholdings, so that calculator is completely useless to me.
SteamTrain
Level 15

New job W-4, married, 2 jobs(1 self employed), baby on the way.

@zuniga.mike ...........Try looking at the calculator again .....there's no way for us to know all the details of your personal situation, and the calculator covers almost all situations .
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1)  You put in your W-2 pay BEFORE withholding is considered.....and that is something you already know

2)   There are boxes to put withholding in that has already occurred, but you don't have to enter anything in those boxes (leave those at zero) if you are just starting out with a new job.

You can also put in a zero for the current W-2 allowance...because at the final calculation, you can adjust it up to some other value.

3) For the spouse's paycheck, you click on  "My spouse did not receive a paycheck"

4)  and the next page has a place to enter Her expected NET Business Income (Self-Employment profit)....which is critical for you to enter, because that SE profit will likely be taxed at ~30% total (SE tax at ~15% PLUS 15% income tax).  and figuring that in is critical in that your W-2 withholding can thus be adjusted to cover that too.  Yes...it varies...but you really need to guesstimate something..  take an average for the last couple years and round it down by 20 or 30%  (she's pregnant...realistically, how much longer is she going to work )
*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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