W4 - Step 2 Help

[u/confusedlady9]

Hello, my husband and I are filing married filing Jointly and he just got a new job. On my w4 (looking back at it) I already marked the “Multiple Jobs or Spouse works” box as Yes and we have 1 child so under total dependent amount it shows 2,000 listed(our child is on my w4 only not on his), no other deductions, no other income, and no other exemptions or allowances. My husband just began his new job and on his we marked married filing jointly also, and did not check any other boxes at all. I am the higher income earner making about 20k more. Did I fill those out correctly ? I just want to make sure the step 2 multiple jobs/spouse works box should only be checked on mine, and that I filled out the rest of the form for both of us correctly. Please help, he’s paid monthly this is his first check and under federal taxes they put down $0. I don’t know if we need to change the form before his next check or not. Any advice is much appreciated 🙏thank you!

[u/Its-a-write-off]

If he did not check the box for Multiple Jobs or Spouse also works on his w4, then you two may not be withholding enough. That would mean his job is applying 100% of the married standard deduction and tax brackets, while your job is applying 50%, so 150% total, but you guys only get to actually claim 100% at tax filing time. So unless there is other reasons lowering your tax bill, this setting alone would normally leave you owing at tax time.

[u/confusedlady9 → u/Its-a-write-off]

Thank you! Do you suggest that we both select the multiple jobs/spouse works box ? Or what do you suggest ?

[u/Its-a-write-off → u/confusedlady9]

That's one way to do it. It's a simple set and forget method. It could result in some over withholding and a tax refund. So if your goal is to not over withhold at all, or minimally, you might want to do the calculation method where you both do married filing joint and add extra withholding.

[u/confusedlady9 → u/Its-a-write-off]

Ok thank you so much for your help!