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Your filing status is perhaps the most important piece of information when it comes to tax withholding. Learn which filing status applies to you.
Your filing status plays a crucial role in determining your tax withholding. Depending on what filing status you select, your employer may withhold more or less from each paycheck.
This is no different than the usual withholding process; employers use your W-4 to determine how much tax to withhold. If your employer withholds too much, you will receive a tax refund. If your employer withholds too little, you will end up owing the government money.
Your family situation and marital status determine your filing status. The IRS offers several different choices for a filing status to best reflect your scenario.
What are your filing status options?
Note, the IRS says, “your marital status on the last day of the year is your marital status for the entire year.”
If you think you might fit under more than one filing status select the status that entitles you to pay the lower taxes.
Make sure to know your filing status to have accurate withholding. This will prevent you from owing money when you file your tax return. If you're confused about your filing status, remember it's set by your family and marriage scenario.
Need help setting up your W-4? Check out our free W-4 Assistant for a step-by-step wizard.
Are you starting a new business? Have you thought about where you would like to start a business? Learn more about the best small cities to start a business.
How often should you submit a new W-4? What is your filing status? In this article, we break down some of the most common W-4 questions.
Easy step by step instructions to manually calculate your paycheck's federal income tax, Social Security tax, and Medicare tax.