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Question

My husband and I recently got married (June 13). I am a teacher and since I moved, I will begin a new job in the fall. My salary at the previous school was $34,700/school year. So, from January to July I made $20,241.69 (was paid once a month). The new job's salary will be approximately $46,000/school year. I'm not sure how that will be disbursed, I'm guessing once a month again. So, I'm guessing that I'll make about $20,000 for the remainder of the year as well. My husband makes $35,000 and his job has not/will not change (with the exception of a raise in September but should only be cost of living - small percent). I received a W-4 in the mail today and I'm SO confused on how to fill it out. We want to make sure that we come out even come tax time. We are both currently getting our master's degrees and don't own a home. In the past we've each had 1 allowance each, filing as a single person. Hope that's enough information.

Submitted: 250 days and 9 hours ago.
Category: Finance
Value: $9
Status: CLOSED
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Posted by Milan Vaishnav 250 days and 9 hours ago.

Answer

Dear Friend,

 

Form W-2, Wage and Tax Statement, is used in the United States income tax system as an information return to report wages paid to employees and the taxes withheld from them. The form is also used to report FICA taxes to the Social Security Administration. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service. (http://www.irs.gov/pub/irs-pdf/fw2.pdf)

 

The follwing document shall give you detail and indepth guideline and instruction for filling out form W-2. http://www.irs.gov/pub/irs-pdf/iw2w3.pdf

 

THe following document shall give your complete idea of anatomy of the Form W-2 http://http-download.intuit.com/http.intuit/CMO/payroll/Anatomy%20of%20a%20W-2_v2.pdf

 

I hope the above helps...

Regards,

250 days and 9 hours ago.

Reply

Thanks for the response. However, your answer didn't seem to have anything to do with the situation/question at hand...which was that we need help with advice/suggestions on how to fill out the W-4. (NOT the W-2)

Accepted Answer

Dear Friend,

 

I am extremely sorry. I read W-2 by mistake. Extremely sorry for the inconvenience caused.

 

To fill out form W-4, (http://www.irs.gov/pub/irs-pdf/fw4.pdf), please follow the following instructions>>

 

  1. Provide your name, address, and Social Security Number.
  2. Check the box for married or single, depending on your marital status. (In your case -- Married Status )
  3. Calculate how many withholding allowances to claim. For most people, this is the same as the number of personal exemptions they claim on their tax return (see Line 6d on your 1040A or 1040).
  4. If you have more than one job, if your spouse works, or if you itemize your deductions, use the worksheet on Form W-4 page 2. Use this worksheet to calculate the number of allowances to claim instead of relying on your personal exemptions.
  5. You can also use the IRS Withholding Calculator ( http://www.irs.gov/individuals/article/0,,id=96196,00.html ) to calculate your withholding allowances more exactly.
  6. If you have more than one job, make sure you claim zero allowances at your second job. Claiming "exempt" is NOT the same as claiming zero. By claiming zero, the highest amount of tax will withheld.
  7. If you claim more than 9 allowances, your employer may be required to send your W-4 to the IRS for review. Don't be alarmed. People with incomes over $100,000 and with substantial itemized deductions may need to claim over nine allowances.
  8. You are exempt from income tax withholding only if your income for the year will be less than $800. If you are exempt, skip lines 5 and 6, and write "EXEMPT" on line 7.
  9. Print, sign, and date the form.
  10. Give the W-4 to your employer. They will fill out lines 8, 9, and 10.

References::

http://www.irs.gov/

http://taxes.about.com/od/preparingyourtaxes/ht/W4.htm

 

I hope this helps now..

Regards,

Milan Vaishnav40005.8428931713

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Expert: Milan Vaishnav
Pos. Feedback: 99.6 %
Accepts: 965
Answered: 7/11/2009

Financial Advisor

Technical Analyst in Financial Markets -- Experience of more than 10 years in consulting

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