Have a Tax Question? Ask a Tax Expert
Based on the information you have provided, and using the formula that is contained in the form W-4, your exemptions would be:
Married and from:
The way I see it
1. You will be claiming at least married 2.
2. If you will have child care expenses of 1500 dollars, then claim a total of 3.
4. If your married income is less than 82,000 dollars, then take a total of 5 exemptions.
If you itemize, you may be able to take advantage of more exemptions.
Try this 2006 withholding calculator created by the IRS:
This is two completely different questions.
1. How you should enter your exemptions on the W-4. Now you wish to know:
2. What should your deductions be from your checks?
I can not tell you what your checks will look like. In order to do that, I would need to know:
1. How many exemptions are you claiming on your W-4
2. What your filing status will be
3. Your income
4. Your husbands income
5. Your rate of pay (bi-weekly, etc)
6. Any contributions to salary reduction plans such as 401-K's.
7. Any bonuses you may be paid, awards, etc.
8. and Your state so that I can look up any state and municipal tax rates.
I think it would be better, if you can give me your state, and I can direct you to a calculator for estimating your paycheck.
If you are filing your taxes, The most advantageous filing status is generally married filing joint returns.
If you are filing your W-4 to take advantage of getting the most take home pay each week, I recommend that you file a W-4 claiming 3 or 4 exemptions.
This tax estimator website will give you the opportunity in about 15 minutes time, to try two or three scenarious to discover what is the best way for you to file your taxes.
You can even use it to find out how to make changes to your payroll to reduce your tax liability. For example, maximizing your 401(k) contributions.