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Financial Planning / Tax Strategies
|Subject: Trying to figure out withholding rates||Date: 1/30/2013 8:17 AM|
|Author: jmrut||Number: 117596 of 122295|
I live in NC but work in VA. I do have about 13k/yr in NC income that withholds NC taxes. I have 72K/yr income in VA with their taxes.
What I can never seem to understand with trying to fill out the w4 form is how much each deduction affects the tax withholding. Currently I have selected married with no deductions. If I add one deduction, how does that affect the withholding? I know it reduces it but by how much?
For NC, if I choose married by withhold at higher single rate, what does that mean in real figures?
My goal is to get my taxes more evenly distributed. I don't have enough NC tax withheld but have too much VA tax withheld.
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