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    MRSC22's Avatar
    MRSC22 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 27, 2007, 07:42 AM
    I need to file a W-4 for this year.
    I got married last June and when I filed my new W4, they somehow put me as exempt and no taxes were withheld from july-dec. I need to re-file a w4 for this year and need to make sure I get enough taxes withheld. I know to put at the bottom married, filing at higher rate, but do I put o 0r 1 on the first line if me andmy husband both work.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 27, 2007, 07:47 AM
    The purpose of the W4 is to determine the amount of withholding that will be deducted from your paycheck. Put in too many exemptions and you under withhold and have to pay at tax time. Too few and you get over withheld and you get a bigger refund. But that also means you are loaning Uncle Sam money interest free and your take home pay is lower.

    The idea is to achieve a happy balance with the number of exemptions so you aren't under withheld, but you maximize your take home.

    Each person should count as an exemption. If you own your own home I would add another exemption. If you have a lot of deductions you can add more accordingly.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 28, 2007, 10:45 AM
    Scott has covered it all; I have nothing to add.
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