We recently became married and we will soon be filling out a W-4 and submitting it to our employers. The question on my mind as we're filling out the W-4 is, should we be submitting a new one on Jan 1st next year since we're submitting one now part way through this year?
The reason from my question comes from line 9 of the "Two-Earners/Multiple Jobs Worksheet" on page 2. It says:
Divide line 8 by the number of pay periods remaining in 2013. For example, divide by 25 if you are paid every two weeks and you complete this form on a date in January when there are 25 pay periods remaining in 2013. Enter the result here and on Form W-4, line 6, page 1. This is the additional amount to be withheld from each paycheck
To me, the part about "pay periods remaining in 2013" sounds as if our paychecks will be adjusted so that our withholdings are extremely low for the rest of the year and for 2013 we will have a $0 tax bill. If that's true, then I wonder if our withholdings will stay low for 2014 and if we don't change anything we'll end up owing alot for our 2014 taxes. Is this true? Should we file new W-4's now and again at the beginning of next year?