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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4352
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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We are a married couple, I am working fulltime earning $95000

Resolved Question:

We are a married couple, I am working fulltime earning $95000 a year my wife doesn't work now and just turned 62. she has filed for social security and will receive benefits starting in September. Do we need withhold taxes from her SS monthly check? or can I adjust my withholding from my payroll to cover our tax liability without incurring a penalty for not withholding funds from her monthly check?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

NPVAdvisor :

Hi,

NPVAdvisor :

You can have it withheld from her check, let me get you the form

NPVAdvisor :

you will need to:




  • complete IRS Form W-4V



  • select the percentage (7, 10, 15, or 25 percent) of your monthly benefit amount you want withheld



  • sign and return the form to your local Social Security office by mail or in person


Customer:

will we suffer a penalty if we just have her check direct deposited to a bank account we share and I adjust my withholding at my job to cover the income increase? my worry is a penalty and estimated tax payments vs. me just withholding more out of my weekly paychecks?

NPVAdvisor :

You could do that, as well ... If you simply deducted 25% (as this is on top of the income you are already receiving), you should be v,ery safe

NPVAdvisor :

  • 10% on taxable income from $0 to $17,850, plus

  • 15% on taxable income over $17,850 to $72,500, plus

  • 25% on taxable income over $72,500 to $146,400, plus

  • 28% on taxable income over $146,400 to $223,050, plus

  • 33% on taxable income over $223,050 to $398,350, plus

  • 35% on taxable income over $398,350 to $450,000, plus

  • 39.6% on taxable income over $450,000.

NPVAdvisor :

Thoswe are the tax brackets for married filing jointly

NPVAdvisor :

But, yes having it withheld from your paycheck will work as wel

NPVAdvisor :

either option is paying the tax on an ongoing basis, so no problems with underpayment or estimated, and if you file jointly, it's all based on the total household income'(so withholding from either resource has the same effect)

Customer:

her payments are $1169 a month, my income is roughly $8000 a month. currently filing married withholding 6. own a house with mortgage payments and interest deduction. we file married jointly with itemized deductions and average about $1300 in yearly income tax return...

NPVAdvisor :

If you'll look at the tax brackets above, you're at 110,000 total, so even with deductions, you're probably still squrely in the 25% bracket ... So withholding 25% of that additional income (that incremental 1169/mo) either through withholding the 25% option from her check or adding that amount (divided by 12, if you're paid monthly) on you're W-4 at work will have the effect of offsetting the extra check

NPVAdvisor :

so as long as you have 292 a month wiithheld from either resource the effect will be the same

Customer:

fantastic. thank you for your answers. you have provided a thorough explanation.

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4352
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 5 other Tax Specialists are ready to help you
Expert:  Lane replied 1 year ago.

Thanks so much for the rating!

Just to be sure you saw that last post.

http://www.irs.gov/pub/irs-pdf/fw4v.pdf


for withholding from her check (and thias should be mailed to Social Security)


And www.irs.gov/pub/irs-pdf/fw4.pdffor witholding from your wages at work.

You can simply have an additional specific amount added by using line 6 on your work W-4 where it says: " Additional amount, if any, you want withheld from each paycheck"


Thanks again,
Lane

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Lane
Lane
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Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986