i need help filling out my w-4 and IT-2104 can anyone help me? I live in New York State and I will be starting a new job next week. Our situation is like this....my wife has been working for two years and earns 90K per year. I will be earning 40K per year starting June 13 2011. I have rec'd New York State unemployment of $8,866 to date this year and do not withhold anything from unemployment. My wife will contribute $3,750 to her 401K this year. We do not own a house so we will be taking the standard deduction when we file for 2011. We have no dependents and are not dependents of anyone else. We only get the making work pay credit and the student loan interest credit (2500).
State/Country relating to question: New York
Hi and welcome to Just Answer!So far - your total estimated gross income will bewages - $40 /12months * 6.5months=$21670unemployment benefits - $8,866your spouse's wages $90,000 - $3,750 (401K contribution) = $86250minus student loan interest deduction $2500Total - $114286Assuming standard deduction - your estimated federal Income Tax liability is $15460.Because both - you and your spouse are working - you better to use status on W4 form "Married, but withhold at higher Single rate" - http://www.irs.gov/pub/irs-pdf/fw4.pdf If your spouse will use two allowances - her federal income tax withholding would be $15312If you will use two allowances - your federal income tax withholding would be $1400So you may expect ~$1200 refund when you file your tax return.
So I suggest you both you file W4 form using status "Married, but withhold at higher Single rate" with two allowances. The same filing should be for IT-2104 form.
hi lev i am just reading your response
so we both should claim two allowances on each of our w-4's? as well as on our IT-2104's
the botXXX XXne is for each of our w-4's we both claim 2 allowances on our respective w-4. on our nys withholding we again both claim two allowances
are you sure we can both claim two allowances on both of our w-4s as well as for IT-2104?
That is correct - according to estimation above - you will due ~$1200 refund when you will file your joint tax return. I do not have NY calculator - but assume - there will be ~$300-$400 refund as well.
but based on the above information we won't owe for NYS right?
That is correct - you should not owe any taxes but will have a refund.
for my wife to make these changes should we print out new whholding forms for fed and NYS and fill them out and submit them to hr or should we first contact hr to get forms from them to edit ?
If your spouse filed differently and want to change withholding - she should submit new forms.
ok thanks lev
You may print forms if you want http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.tax.ny.gov/forms/withholding_cur_forms.htm
You are welcome.
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