Friday, January 15, 2010

How does married tax status affect withholdings?

I got married in 2007 and never changed my federal tax status from S1 (single, one exemption) to M1 (married, one exemption). When I change my status to M1, how will this affect the amount of taxes withheld from my paycheck?How does married tax status affect withholdings?
To find out exactly how much, plug your numbers into the paycheck calculator at http://www.paycheckcity.com/ Try it both ways and see the difference.How does married tax status affect withholdings?
Less federal taxes will be withheld due to your married status (and two exemptions).
Employer will now withhold less federal income tax. About the allowances you should claim on W4: http://taxipay.blogspot.com/2008/02/fili鈥?/a>

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