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Remember, this is a personal decision based on your unique circumstances. Seeking professional guidance can ensure you make informed choices that align with your goals and wishes.
Payroll Deduction
Adjusting Tax Withholding After Divorce Following a divorce, it's crucial to update your W-4 form with your employer. This form informs them of your current filing status and helps ensure accurate tax withholding from your paycheck. Here's why it's important: ● Accurate withholding: Filing as "single" instead of "married" can significantly impact your tax withholding amount. Updating your W-4 ensures you're not overpaying throughout the year, potentially increasing your take-home pay. ● Avoiding underpayment: Incorrect withholding can lead to an unexpected tax bill come filing season. Updating your W-4 helps prevent this scenario. Additional points: ● Review your W-4 carefully: Consider consulting a tax professional or using IRS resources to determine the appropriate withholding amount for your situation. ● Update promptly: Submitting your updated W-4 as soon as possible after your divorce is finalized ensures accurate withholding moving forward. ● Be aware of changes: If your income or filing status changes again, remember to update your W-4 accordingly.
D EPENDANTS
Distribution of Child Support
DISCLAIMER This plan does not provide legal, tax, accounting, or therapy advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal, tax, accounting, or therapy advice. You should consult your own professional before engaging in any transaction. Determining Child Support in New York Child support ensures financial support for children after a divorce or separation. In New York State, the amount is calculated based on both parents' incomes. However, there are some variations: ● Income Basis: ○ Some states use gross income (before taxes) for calculations. ○ New York uses net income (after taxes, and mandatory deductions like union dues). ● Child Support Calculators: ○ Tools like the one you above can offer estimates based on New York's guidelines. ○ Remember, these are estimations, not final determinations.
Ray Pearson Broker/Owner, Cobbleridge Realty Corp (631) 320.5849 www.Cobbleridgerealty.com
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