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jordanrussell
Level 1

W4

Hello! My wife and I file jointly and I make about double what she makes. Neither of us checked the box in section 2c on our W4's. Is there a suggested percentage that I should be witholding from my check every month to ensure that we wont owe at the end of the year?

Currently I have about 6% of social security tax withheld from my check. 

 

Thanks! 

3 Replies
OpeA1
Employee Tax Expert

W4

Hello jordanrussell!

 

It is impossible for me to give you a percentage to withheld when I do not have all the information pertaining to your specific situation.

However, you can determine that by using our tax calculator to estimate your taxes with respect to filing status, dependents and other income. Both links are provided below - on the TaxCaster and the other to the IRS W4 calculator:

I hope this helps.

Thank you for using TurboTax Live!

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JandKit
Employee Tax Expert

W4

Hi Jordanrussell

The first step is to complete two new w-4s. Both should complete Step 1 and Step 2 and 5. To drill down further, You should complete the Tax Estimator 

Please have all of the pertinent information for the year:

1. How often are you paid

2. How much did you earn for the year? For this period

3. How much was paid in taxes for the year. For this period

This is important considering your income is twice that of your spouse.

 

Good Luck to You!

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Donna F 77
Employee Tax Expert

W4

Hi jordanrussell! 

I understand that neither you or your spouse checked the box in section 2c of your Form W-4.  This causes less tax to be withheld than what you probably need in order not to owe tax at the end of the year.  Checking the box allows your employer to take additional federal withholding from your paychecks to help alleviate the tax burden at the end of the year.  The "percentage" that you would want to withhold would be based on the tax bracket that you are in.  You can find that here:

https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022

I would suggest preparing a new Form W-4 for your employer so that you can have more taxes withheld before year end.  You may also want to visit the IRS's Tax Withholding Estimator for help in filling out the W-4.

https://www.irs.gov/individuals/tax-withholding-estimator

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