Hello,
I just started a new job 6 weeks ago and noticed my federal is not coming out. I am married and we have two dependents. I do NOT want to owe. What is the best way to fill this out? Should I put zero dependents, and what amount should I take out each month to be safe? Thank you!
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Hi CFlohrs, thanks for the questions.
Congrats on a new job. It is understandable that your new job does not take out much Federal tax withholding since half of year of wage is not as much as full year of wage based on the withholding tables.
Below is the re-designed form W-4 from tax year 2020 and onwards. You need to submit a new one to your new employer.
Form W-4 Employee’s Withholding Certificate
https://www.irs.gov/pub/irs-pdf/fw4.pdf
To have more taxes withheld - The simplest way to increase your withholding is to enter in Step 4(c) the additional amount you would like your employer to withhold from each paycheck. Or reduce the number of dependents as you suggested.
Please use
IRS Tax Withholding Estimator
https://www.irs.gov/individuals/tax-withholding-estimator
to find out what to enter on Step 4 (c).
Please also use
TurboTax Tax Calculator 2021
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
to pro forma your 2022 tax liability, and to gauge if you have enough withholding.
Hope the above helps!
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