Tax Pros? Does filing married affect my taxes being taken out of my paycheck?

posted 3 years ago in Legal
Post # 3
Member
3519 posts
Sugar bee
  • Wedding: March 2012

@jesssamesssa:  Nope.  You decide your deductions at work, and then in January/February you decide how you file–married joint or married separately.  I would wait and see how you’re affected by the change after your first year of taxes, you can adjust accordingly.  I ended up getting less back the first year because of my new status, but didn’t change my deductions at work because I didn’t owe anything.

Post # 4
Member
3635 posts
Sugar bee
  • Wedding: May 2012

@jesssamesssa:  Taxes taken out of your paycheck totally depends on what you put on your W4.  You can change that at any time (well, some payroll departments will let you do it once a month, etc).  There’s all sorts of advice online about how to decide how many to claim.  But basically the lower number you claim, the more withholding you have.  I claim 1 and I end up paying a few $100 at the end of the year (even now that we’re married).  Some people say that you should each claim 1, or the higher earner should claim 0 and the lower earner should claim 2 or 1.

How being married affects your taxes depends how much you make.  Our combined is pretty decent, so we pay a penalty for being married.  The combined deduction is less than the combination of our standard deductions.  Plus all my income get taxed in a higher braket since it’s all considered together, we don’t each get to pay taxes in the lower brakets, also. 

There can be benefits, tax-wise, but you have to do the math to figure it out. 

Post # 5
Member
9137 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

@jesssamesssa:  Taxes coming out of your paycheck are affected by the elections you choose on your W4 form each year (the number of withholds you elect, most singles choose 0 or 1.)  When you file your taxes for 2013, they will be calculated at the married rate.  Once the amount you owe has been determined based on your marital status and marital income (you and your spouse’s combined), it will compared to the amount that was withheld from your paychecks.  If the amount withheld equals are exceeds what was owed, then you will get a refund.  If the amount withheld is less than what is owed (being married can sometimes put you into a higher tax bracket where you owe more money), then you will owe the IRS taxes.

The best thing to do is for you and your spouse to see a CPA or other tax professional ASAP before or immediately after your wedding to review whether you need to alter your W2 elections so that you won’t owe money at the end of the year.

*Whether you claim yourself or not affects the amount of money withheld from your paychecks.  This is done to ensure that enough is withheld so that when you file taxes at the end of the year, you won’t owe the IRS any money.

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