My wife and I are trying to figure out our optimal tax situation. I am currently withholding single 0 on roughly $1680/bi-monthly because I have additional income of $160 that is not taxed.What is the difference between married 0 or single 0 withholding on my paycheck?
You mean semi-monthly don't you? (Bi-monthly means every other month.) Also, the additional income of $160 is taxable, but there isn't any withholding on it, right? Is the $160 monthly or twice a month? Is it from working somewhere as an employee or as an independent contractor?
You can see what taxes would be withheld at http://www.paycheckcity.com
Federal withholding on $1,680 semi-monthly with 0 exemptions declared would be:
If the $160 is monthly income and is not from you working as an independent contractor, having your taxes withheld as married would likely cover your federal taxes for the year.
I hope this helps.
GaryWhat is the difference between married 0 or single 0 withholding on my paycheck?
You can use www.paycheckcity.com to get an exact answer.
You can use the withholding calculator at irs.gov to see if your total withheld will be a refund or still a balance due.
Single zero takes out more money out of your check than married zero.