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What happens if someone files as married withholding a higher single rate?

If you withhold at the "Married but w/h at higher single rates", more tax will be withheld meaning you will owe less or have a larger refund when you file your return.

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I am recently married as of 9/2007 and live in NYC, previously me and my husband were filing our taxes single 1 and receiving approx. 500.00 back each for fed. and approx. 50.00 from state, we have no children, student loans, mortgages {my husband has a 401k if that matters any}. We are confused and worried now about having to pay/owe taxes when we file this January. Our combined income is approx. $60,000. We are doing our W-4 forms and my question is should we change the "single 1" to "married 0" or "married, but withhold at a higher single rate 0"{and what is the difference}, and should we file separately or jointly.

Submitted: 10 years ago.
Answered in 17 minutes by:
10/21/2007
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 10 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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You should claim "0" and withhold at "Married but withhold at higher single rates". When you ultimately file your taxes, one of your salaries will be taxed at higher marginal brackets. Because for withholding purposes each of you first use the lower brackets, using this method will help offset the differences.

In most cases married filing jointly will provide the lowest tax.

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Customer reply replied 10 years ago

Can you just explain to me what the difference is between "married" and "married, but withhold at a higher single rate.” Is more money taken out of our checks to hopefully ensure a return or at the least a better chance of not having to owe money?

Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 10 years ago
If you withhold at the "Married but w/h at higher single rates", more tax will be withheld meaning you will owe less or have a larger refund when you file your return.
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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