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Post by doecy on Feb 21, 2011 14:50:33 GMT -5
Hello all,
I have a question......
If both husband and wife work and have 3 dependants, how many exceptions should they claim on there W-4 for work?
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taxref
Junior Member
Joined: Dec 31, 2010 11:09:13 GMT -5
Posts: 220
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Post by taxref on Feb 21, 2011 16:57:13 GMT -5
Oddly enough, the answer is more complicated than it would at first seem.
To get an accurate answer, one first needs to compute the couple's tax situation together. The worksheets accompanying the W-4 can be used for that purpose. The resulting total tax can then be used to determine how much should be withheld by each spouse each payday.
Failing to first crunch the numbers can cause the results to be far off. The same can be said for computing the tax for each spouse indivdually rather than together.
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TheOtherMe
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Joined: Dec 24, 2010 14:40:52 GMT -5
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Post by TheOtherMe on Feb 22, 2011 12:59:58 GMT -5
More than likely if you both claim Married with 5 exemptions, you will find yourselves underwithheld. You do need to do some number crunching.
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