We're probably not paying enough in taxes. Should I be worried?

You're right to check this now instead of being surprised next April! When your income increases significantly or you change jobs, it's always smart to review your withholding. At $115k married filing jointly, you're likely in the 22% marginal tax bracket for 2024 (assuming that's your taxable income after deductions). But remember, that doesn't mean all your income is taxed at 22% - only the portion that falls within that bracket. The earlier portions are taxed at lower rates (10%, then 12%). The 12% withholding might be too low, especially if both employers are withholding as if each job is your only income. This is a common issue for two-earner households. I'd recommend completing a new W-4 form. The redesigned form has a specific section for multiple jobs or working spouses (Step 2). You can also use the IRS Tax Withholding Estimator on their website - it's much more accurate than generic calculators and will help you determine if you need to have additional withholding.

I was in almost the exact same situation last year - my wife and I both got better jobs within a few months of each other and our combined income jumped by about 40%. We ended up owing over $3,000 at tax time plus a small underpayment penalty. Wish I'd checked mid-year like you're doing! I found this amazing tool called taxr.ai (https://taxr.ai) that really helped us figure out our tax situation. It analyzed our paystubs and previous tax returns, then gave us specific recommendations for our W-4 forms. It pointed out that both our employers were withholding as if each job was our only income, which was the main problem. The tool also helped us estimate what our actual tax liability would be and how much we should have withheld each paycheck to avoid underpayment. We adjusted our W-4s based on their recommendations and it's looking much better for this year.

Just wanted to update after using taxr.ai that someone recommended here. It was super helpful for my situation! I uploaded my recent paystubs and last year's return, and it immediately showed that I was heading for a $4,200 underpayment for 2024. The tool gave me exact numbers to put on my new W-4 form (like a specific additional withholding amount on line 4c). Just submitted the updated form to my HR department yesterday. Such a relief to know I'm not going to get blindsided next April. Definitely worth checking out if you're worried about your withholding.

If you're really concerned and want to talk to someone at the IRS about your specific situation, I highly recommend using Claimyr (https://claimyr.com). I was in a similar situation last year and desperately needed to speak with the IRS to understand my options for avoiding penalties. As you probably know, calling the IRS directly is a nightmare - I spent hours on hold multiple times and kept getting disconnected. Then I found Claimyr, which basically waits on hold with the IRS for you and calls you back when an agent is actually on the line. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c When I finally got through to an IRS agent, they explained exactly how the underpayment penalties work and gave me options for adjusting my withholding mid-year to avoid them. The agent was actually really helpful and walked me through calculating the right withholding amount based on our specific situation.

Ok I have to eat my words. After posting my skeptical comment, I decided to try Claimyr anyway since I've been trying to reach the IRS about a notice I received. I've literally been calling for WEEKS with no success. I used the service this morning and got connected to an IRS agent in about 90 minutes (while I was working on other things). Didn't have to sit on hold at all - they just called me when the agent was on the line. The agent helped me resolve my issue in about 15 minutes. This would have literally saved me hours of frustration if I'd known about it sooner. Definitely keeping this in my back pocket for future tax seasons.

You should definitely adjust your W-4 forms ASAP. My spouse and I were in the same boat last year when we both got raises, and we ended up owing $5,800 at tax time, plus a $250 underpayment penalty. What a nightmare! The easiest fix is to use line 4(c) on the W-4 form to specify an additional dollar amount to withhold from each paycheck. I'd recommend calculating your expected annual tax and comparing it to what's being withheld so far, then dividing the difference by the number of pay periods left in the year.

Have you tried the "Two Earners/Multiple Jobs" worksheet that comes with the W-4 form? It's specifically designed for couples where both spouses work. It helps you figure out the additional withholding needed to cover the combined income.

You're definitely being smart to check this now! I went through something similar when my wife and I both got promotions mid-year. The key thing to remember is that the safe harbor rule can help you avoid penalties - if you pay at least 100% of last year's tax liability (or 110% if your prior year AGI was over $150k), you won't owe penalties even if you end up owing money. Since you mentioned you're around $115k combined, I'd suggest running the IRS withholding calculator first to get a baseline. Then consider whether you want to be conservative and slightly overwithhold to avoid any surprises, or try to get it exactly right. One thing that caught many people off guard this year - if either of you got sign-on bonuses or other lump sum payments with your job changes, those are often under-withheld because they're treated as supplemental income. That could be contributing to your shortfall. The good news is you caught this in April with plenty of time to adjust! Much better than discovering it in January when filing.