Saturday, August 21, 2010

What should our state and federal tax withholding be when married with one child?

I make about $25K and my wife makes about $32K and we live in Connecticut. We have one child and are trying to figure out exactly how our state and federal filing and allowances should be set up. For example... Her: Married Filing Jointly, Federal Allowances 1, State Allowances 1 (not even sure how this is set) Me: the same. Should our allowance always be the same? should just one of us be filed a certain allowance? etc. how exactly should it be given our incomes and having one dependent? It's very confusing.What should our state and federal tax withholding be when married with one child?
if your married filing jointly. when you file your taxes you will claim 3.


how much tax you have taken out of your paychecks depends on how


each of you fills out your W 4 forms during the year. if you file jointly


at the end of the year your salaries will be added together and that will


be your gross income. so go on the irs website and look at the income


tables. if you make 57,000 a year look across the table and see how


much tax is taken for that amount, then adjust your W 4'S to make sure


that amount is withheld if you don't itemize deductions when you file your


taxes, if you itemize and have deductions like mort. interest and


medical expenses you will be able to knock down what your tax will be


when you file your taxes. if you need more money during the year


then claim more exemptions on your W 4'S. if you don't then claim less exemptions on the W 4'S. try to average it out that you have had


enough taken out to cover the taxes when you file. you could contact


someone who does taxes and see which way is best for you to file at the end of the year, weather you should file jointly or separate and if you file separate who should claim the child.What should our state and federal tax withholding be when married with one child?
There's no need for you to fill out your W-4's the same. A total of two allowances between you is probably a good idea, will give you some cushion, so you are likely to get a refund and not have to pay. If you claim 2 total, you can split them however you want, won't make a lot of difference if one of you claims 2 and the other zero, or you each claim one.
Unless you have the will power to set aside money to pay yearly taxes always claim 0 allowances, for each of you. That way the most amount of money is taken out for taxes and you will get back yearly as a tax refund.
For CT, there is no deductions for dependents, your taxed just based on your AGI on federal return and filing status (MFJ). Each claiming MFJ 1 allowance should be the best way that will take enough tax out.

No comments:

Post a Comment