It is imperative to ensure that Two Income Families ensure that they have the correct amount of withholding on their w-4 form.
Example: Husband and Wife with 2 children living in their home, each spouse could claim 2 withholdings.
If each spouse claim 4 withholdings you may end up owing the IRS and State Department of Revenue when you file your taxes.
If you have further questions please feel free to contact us.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.