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Recently i checked to see how much my paycheck would change once my "status" goes from "single" to "married" and my NET pay has gone up by almost $100 per check.
Right now it is : single, with 1 exemption/allowance for Federal, State and Local taxes. I live in NYC.
All i did with a new scenario was, I changed "single" to "married" and still kept 1 allowance for Federal, State and Local.
So the way i am looking at it, is if we decided to do a "legal" part of marriage much sooner, we potentially can be saving some money in taxes from legally changing our status and between both of us these could be potentially big savings for the upcoming year.
Also, once i change the filing status, do i need to change the number of exemptions/allowance for Federal, State and Local taxes also or can i keep it the same?
Am i correct to assume this and is there anything else we need to consider? Right now i just used a paycheck calculator available online to determine the difference.
Are you playing with a payroll calculator or w-4 calculator? That's not going to give you an accurate number. Try the irs withholding calc that will narrow in the federal portion
Are you playing with a payroll calculator or w-4 calculator? That's not going to give you an accurate number. Try the irs withholding calc that will narrow in the federal portion
I was using a paycheck calculator. I am trying to zero in on weekly paychecks only. Am i wrong?
I was using a paycheck calculator. I am trying to zero in on weekly paychecks only. Am i wrong?
You may be wrong and or thinking about this incorrectly. Go to the 2014 irs withholding calculator and put in the info and it will tell you what to adjust the payroll w-4 to. Just because you get married doesn't mean your payroll dept. changes anything
You may be wrong and or thinking about this incorrectly. Go to the 2014 irs withholding calculator and put in the info and it will tell you what to adjust the payroll w-4 to. Just because you get married doesn't mean your payroll dept. changes anything
Well, i am actually the one who does payroll at my job, so this is how i was able to check how my paycheck would change once i update "single " to "married" without changing anything else. so once we get married, i can change it right away. i already know i would be getting more per paycheck on a weekly basis, but i wanted to make sure that doenst somehow screw up annual return. I am fine with breaking even, but i(we) dont want to be owing anything in taxes...
somehow i thought that when your filing status changes, for married it is lower...
i am VERY confused!
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