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SVTPerformance's Chain of Restaurants
Road Side Pub
Claim 0 on W-4. Still owe taxes. WTF?
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<blockquote data-quote="Torch10th" data-source="post: 15250246" data-attributes="member: 15703"><p>Is there a large disparity in incomes between you and your spouse? This happens to my wife and I, but not nearly as bad. What happens is that our combined income pushes us into a higher tax bracket, by my wife's take of that is pretty modest as she's only a teacher.</p><p></p><p>As mentioned, there's a couple things you can do. You can pay quarterlies, add withholding to your paycheck through the w-f, or if you have that large disparity, have your wife withhold at the single instead of married rate.</p><p></p><p>Or you can of course pay in a lump sum at the end of the year as well. However depending on the amount owed and your AGI you may owe an underpayment penalty in that case.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 15250246, member: 15703"] Is there a large disparity in incomes between you and your spouse? This happens to my wife and I, but not nearly as bad. What happens is that our combined income pushes us into a higher tax bracket, by my wife's take of that is pretty modest as she's only a teacher. As mentioned, there's a couple things you can do. You can pay quarterlies, add withholding to your paycheck through the w-f, or if you have that large disparity, have your wife withhold at the single instead of married rate. Or you can of course pay in a lump sum at the end of the year as well. However depending on the amount owed and your AGI you may owe an underpayment penalty in that case. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Claim 0 on W-4. Still owe taxes. WTF?
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