- 2 years ago
Hello Bees! My fiance and i are getting married next year in Costa Rica.
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. <br />Right now it is : single, with 1 exemption/allowance for Federal, State and Local taxes. I live in NYC.<br />All i did with a new scenario was, I changed “single” to “married” and still kept 1 allowance for Federal, State and Local. <br />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 as well as help us in paying for the wedding.<br />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.
Any advice and feedback is much appreciated!