- 5 years ago
- Wedding: June 2012
Oh, I’m so ignorant when it comes to taxes. Darling Husband and I are fresh out of college (he’s now in medical school), and I’m working as a substitute teacher. We’ve already filed taxes – my mom claimed me as a dependent since I lived with her when I was still in college and we didn’t earn a lot this past year, so we just filed for a tax return. I’m just making sure that I’m having enough withheld from my checks now so that we’ll be in good shape for next year.
Right now, I have 1 exemption and am being taxed as single. I’m thinking about switching it to married, but I’m unsure. I’ve read that if you’re married, you should go as married so you get the maximum amount of money you can for each paycheck and that you should come out pretty even (not get back a huge return or owe anything). I’ve also read that it’s smart to keep being taxed as single to ensure that enough is withheld and to keep from owing the irs.
Also, is there a formula so I can check withholdings. I sometimes question if they’re withholding enough. For instance, Darling Husband and I had the same summer job. He worked longer there, so he made about double what I made. However, his federal withholdings were FIVE TIMES what mine were. That just doesn’t make sense…I mean, shouldn’t his withholdings be about double mine since his income was double? I’m not sure about my current job either. I had only worked as a sub 3 months last year and I’m working more days now. I made just a little bit more last year, but I’ve already had more withheld from my checks this year.