Taxes, Marriage, and 2L BigLaw Compensation

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
domino9028
Posts: 7
Joined: Sat Oct 06, 2012 7:53 pm

Taxes, Marriage, and 2L BigLaw Compensation

Postby domino9028 » Sat Feb 28, 2015 12:39 pm

Newly married 2L here. I've seen some of the posts about the creativity used during the summer to lower the amount of tax you end up paying for the summer. I was excited to do the same until I realized that I won't be filing as single anymore! My husband is also an attorney but with unpredictable bonuses so it's hard to figure out what our combined salary is going to look like. I have a meeting with our tax guy soon but I was curious to see what other married folks did to prevent a fat refund the next year.

User avatar
homestyle28
Posts: 2314
Joined: Thu Jun 04, 2009 12:48 pm

Re: Taxes, Marriage, and 2L BigLaw Compensation

Postby homestyle28 » Mon Mar 02, 2015 11:21 am

domino9028 wrote:Newly married 2L here. I've seen some of the posts about the creativity used during the summer to lower the amount of tax you end up paying for the summer. I was excited to do the same until I realized that I won't be filing as single anymore! My husband is also an attorney but with unpredictable bonuses so it's hard to figure out what our combined salary is going to look like. I have a meeting with our tax guy soon but I was curious to see what other married folks did to prevent a fat refund the next year.


You still fill out the standard forms (w-4 etc) just ramp up your allowances.

User avatar
unlicensedpotato
Posts: 415
Joined: Mon Feb 06, 2012 12:16 pm

Re: Taxes, Marriage, and 2L BigLaw Compensation

Postby unlicensedpotato » Mon Mar 02, 2015 1:06 pm

Yeah, the IRS withholding calculator (available here: http://apps.irs.gov/app/withholdingcalculator/ ) will let you calculate it as married filing jointly. I would add that, if your post is a fairly complete picture of your finances, you are almost certainly overpaying your "tax guy."

Edit: I understand you still won't know your husband's bonus amount. The withholding mainly matters at the extremes though (e.g., withholding for 160k income when your summer income is ~33k). It's not a big deal if you thought your total income with his bonus would be $250k and instead it was $270k, as long as you are withholding at least 90% of the proper amount.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.