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If youre filing jointly, how much federal taxes should be

Customer Question
If you're filing jointly, how...
If you're filing jointly, how much federal taxes should be used together when filing taxes?
Submitted: 8 years ago.Category: Tax
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11/2/2009
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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What do you mean when you say how much federal taxes should be used together? Do you mean how much income should be earned before you are required to file a tax return?
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Customer reply replied 8 years ago
My husband and I just got married in September of this year. We want to know how much federal taxes should be held out together so we won't have to pay in. I claim one and so does he. We have about $6,000.00 held out now. Can you please give us a ruff idea of what we need. We would greatly appreciate it. Thank you, Cynthia.
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
If you both claim 1 on your W-4 than you should be covered from tax point of view. How much is your total income overall?
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Customer reply replied 8 years ago
We should have, both our incomes together, around $60,000.00 or more.
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
With $6000 in taxes you would be almost covered for taxes for the current year. In such a case you both can increase the number of allowances to 4 or 5 for the current year so that less amount is deducted for taxes.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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Customer reply replied 8 years ago
So what you are saying is that with the taxes that has been already taken out it okay. Or in other words we could claim more and have less federal taxes taken out and we shouldn't have to pay in. My annual income is $42,000.00 and his is around $30,000.00 something. I just started this job in April. We just don't want to have to pay in.
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
Yes, that is correct. If your annual household income is appx. $60K than you are covered from tax point of view.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Customer reply replied 8 years ago
Thank you.
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
Thanks for using Justanswer.
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