W-4 Form question

[boysetsfire]

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Silly tax form question...My wife and I are both starting internship this year, and we are trying to figure out if we should fill out the W-4 form either as individuals or as a married 2 job/2 earner. Any advice about what we should do would be greatly appreciated.

 

[madcadaver]

Silly tax form question...My wife and I are both starting internship this year, and we are trying to figure out if we should fill out the W-4 form either as individuals or as a married 2 job/2 earner. Any advice about what we should do would be greatly appreciated.

This basically just decides how much comes out of your paycheck as tax witholding. If you withold as married, less tax will be witheld (because you will be expected to pay less tax overall when you file your 1040 as married) and you will get more take home pay each month. If you withold as individuals more tax will be witheld and you will likely get more back as a refund at year end.

There are a number of calculators online which can help you run the numbers.