One W-2 Spouse and One Self Employed Spouse

Forum|Forum|2 years ago
May 29, 2024
2 replies
2 views

Hi,

My spouse is a salaried W-2 employee. I am considering starting my own business, where I would be the sole owner. Would it be considered one or two jobs on the W-4? We want to be as close to $0 refund at tax time. Thank you!

Ask the Experts - W-4 II - May 2024

KimberW

Level 5

Your self-employment income is not considered a "job" when filling out the Form W-4 for your husband's job. If you want your husband's withholdings to be increased enough to offset any income taxes that you would owe on your net self-employment income, you can add your expected net profit amount as Other Income on step 4a.

But, that would not increase his withholding enough to offset the Self Employment tax that you would owe on your profits.

Perhaps the best answer is to use use the TurboTax W-4 Calculator or the IRS Tax Withholding Estimator to be able to enter more detailed information about your expected business income and expenses. It can help provide information about how to fill out your husband's W-4 and whether making quarterly estimated payments for your business income would be advisable.

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