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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I got married in 2016 and am trying to figure out what to

Customer Question

I got married in 2016 and am trying to figure out what to update my allowances to on my W-4. I am not a resident of NYC or Yonkers.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: No children, husband's income is $44,001-$55,000 and mine is $75,001-$135,000
JA: Is there anything else important you think the Accountant should know?
Customer: No
Submitted: 3 months ago.
Category: Tax
Expert:  Mark Taylor replied 3 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

You can claim any number of allowances on your W4 depending how much or how little taxes you want taken out of your paycheck. It would be hard to say what number to claim since what you claim on your W4 affects how much taxes are taken out of each paycheck. The higher the number of allowances the less is withheld for taxes, a smaller number of allowances will result in a higher amount withheld.

Since you both work may want to claim a smaller number of allowances on once job. I would suggest claim 1 allowance for your W-4 since this is the greater share of the income. You want to make sure that enough is withheld so that you will not have a big tax bill when it comes time to file your return. The IRS has a withholding calculator to determine what you can claim without owing. Please see the following : http://www.irs.gov/Individuals/IRS-Withholding-Calculator