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The IRS has an online calculator to help you figure what changes to make on your W-4.
Run it once using your new situation, plus your year-to-date info, to see what to do for the rest of this year. Then re-run it in December to see what, if any, changes to make for 2017
You can also print a new W-4 to give your employer.
You need to do a cocktail napkin estimate of your income taxes. If you're getting divorced now, I'm not sure if you'd qualify as "head of household" for 2016. Assume single as your worst case. $47K is too much income to qualify for the earned income tax credit with 2 dependents. I think you get a $1,000 child tax credit for the under 17 kid but I don't know if child support math enters into it. Standard deduction and 3 exemptions is $18,300. On $47K of income, you'd pay tax on about $28,700. I get $3,840 from the tax table and then a $1,000 child tax credit so you'd owe $2,840 in Federal income taxes. Head of household status would save you another $196.00.
This is from a quick glance at the 1040 instructions. I am not a tax professional and don't have kids. There will be a bit of an inflation adjustment for 2016 so these estimates will be a few dollars high.
Don't forget that if you get alimony that will be taxed as income. GeoffD's back of the envelope estimate sounds pretty spot on. You should adjust your W-4 accordingly so that you are about even or get a very small refund at the end of the year. You don't want a large refund as you are just loaning money to the government tax free.
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