1) I will be starting a summer job next week. I have two kids under 17. I don't necessarily want the max pulled out as we need the income right now. We've used the IRS Tax Withholding Estimator tool and that seems to work well. Should I not have any taxes taken out of the summer job and just use the IRS tool after the summer to figure out what we need to adjust? If so, what would I put on the W-4?
2) With my regular job, I adjusted the W-4 to take off my two kids, but nothing changed income-wise. They said it was due to my income bracket. Is that true? If so, can you explain that to me?
3) My husband's job is going to a variable income plan, with the possibility of making more based off of production. It's not a bonus plan, where it would be taxed at a bonus rate; it's a salary plan. How should we do the W-4? Just use the IRS estimator tool every few months to adjust for it?
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The "Multiple jobs or spouse works" section of the W4 is for taxpayers who work multiple jobs or are married filing jointly and both are employed. To be accurate, both spouses should fill out a W4 for each job - even that summer one you are starting soon.
The form lists three ways you can complete this section:
Yes, your "income bracket" does determine how much is taken out of your pay for withholding. To be accurate, you would need to all income on your W4 - which would include your summer job and your spouse's income.
If you make a change in the middle of the year, it's wise to fill out a new form at the beginning of the next year. The adjustments made may result in incorrect results if enacted for a full tax year rather than just part of a year. For a more detailed explanation see this link: Form W4 and Take-Home Pay
Yes, it would be very smart to check the IRS calculator quarterly to make sure you are withholding enough. You can always make additional payments directly to the IRS if your current withholding amounts are not enough based on your spouse's variable income plan. Make a Payment.
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