Hey, So I just got married, and I updated everything to show I was married with HR, and adjusted my W4, but left the exceptions still at 1 like before. I was looking at it again, and now see a separate worksheet for two earners. It's looking like we now will need to get more withheld. The only part O am confused on is if we both fill it out the W4 the same way, and each have the additional amount withheld. Seems to be pointed towards the highest earner, but anyone have similar experiences or can offer suggestions or things to read? Maybe I am just misunderstanding the W4 form.
The good news is that there are only 4 months left in the year so if you overwithhold as a result of the changes to the W-4, it will not be by a lot. Give it your best stab. And adjust at the beginning of the year if necessary once you see what your tax bite is for 2012, assume the same bite for 2013 and look at your newly adjusted withholdings for a month and annualize it to see where you'll be for 2013.
posted: Oct. 12, 2012 @ 12:16p
Yeah, we have another complicating factor that my wife's condo is now a rental property this year which we will be depreciating as a rental asset. SO I know my taxes will obviously be a lot different than years past. I'll try the calculator and see what that shows.
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