USA W-4, Taxes & Dependents

[wrangler]

Hello,

1. Got married in Oct 2014
2. Currently we both are working. I have a full-time job and my wife works part-time
3. For tax filing, until last year (2013), my wife has claimed her son as a dependent
4. For 2014 tax filing, my wife prefers to claim her son as a dependent and file the taxes separately
5. In 2015 my wife may find a full-time job and in that case our salaries will be $60,000 for me and $40,000 (approximately) for her

Please let me know:

1. If I have to submit an updated W-4 form to my HR Department for Nov & Dec 2014 payroll deductions. If yes, do I need to enter 0 (Zero) for "C" in form W-4 for Nov & Dec 2014, since my wife prefers to file the taxes separately for 2014

2. If I enter 0 (Zero) for "C" in form W-4, will the deductions (Federal/State tax, FICA etc) remain the same as "Single" status

3. If we decide to do file taxes jointly for 2015, do I have to change W-4 form with a 1 (One) for both "C" and "D" in Jan 2015 or just leave the W-4 form as-is from previous year and make necessary selections in the tax forms while filing the tax return

4. Any suggestions?

Thanks,
SP

 

[wrangler]

Thank you all!

1. Even though we got married on Oct 30, 2014, when we file our tax return for 2014 in March 2015, we shoudl file under "Married" status....corrrect? Kindly confirm.
2. If the answer to above question (1) is Yes, will there be a big difference in the refund amount between MFJ and MFS
3. If we choose MFS, will my wife claim her son as dependent and I don't claim them both as dependent in my filing?

Any suggestions?


Thanks!