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The Difference Between Single & Married Withholding: Personal Finance 101

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As tax season heats up, it’s a good idea to review some of the basics of filing, especially since this year will be the first with the new tax code in place.

One of the biggest questions that arises every year concerns income tax withholding.

While employees must file a W-4 form with their employers in order to figure out the amount of pay that should be withheld, there is a difference between the amount of income tax withheld for single versus married persons in the U.S.

This difference depends on the amount of income earned, and usually, those who choose the married withholding allowance have less of their income withheld. This is just one of the many things that are different in the tax world for single and married people.

Personal Finance 101 is a video series that aims to help you take control of your money. It’s hosted by Zacks Editor Madeleine Johnson, and covers a wide range of personal finance related topics. To watch more video content from Zacks, subscribe to Zacks Investment News today!

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