W4 Help: Married Filling Jointly, 2 Dependents under 17, Spouse1 FTE, Spouse2 - Contractor

[dannysDFW]

Hi TurboTax Experts

Hope you can assist. We have owed taxes for the past few years and need help with adjusting our W4s for 2023.

We are married filing jointly with two kids under 17.

I have one FTE job and my spouse is a legal consultant (contractor). Her various contracts can start and end multiple times throughout the year i.e., more than 4 jobs in one year.

How do we fill out the W4s in order to avoid owing taxes?

Any information would be appreciated.

Thank you.

[KarenL4]

Hi,

Good for your for getting ahead of the game for this year!  We have a tool for you!  You can easily get to the correct W-4s  using our free W-4 calculator.  This tool is a great aid for getting your W-4s filled out correctly, particularly when you have different incomes and are married (the W-4 has instructions for this, but they can be a little daunting when it's in IRS-speak).   

Many people who are self-employed end up under withheld because they are not aware of the need to pay self-employment taxes. You can read some about that here.  Self-employment is covered in the W-4 calculator.

This Tax Caster may also be helpful to check in on where you are (withholding against total taxes).  I recommend you use the W-4 calculator now, adjust your W-4's if/as needed and run the tax caster around the end of September to check your progress).

Please give a thumbs up to cheer below if this answer helps!

Best,

Karen