Have a Tax Question? Ask a Tax Expert
Hi, my name is Mark. I will be happy to help you with your questions.
You can claim any number of allowances on your W4 depending how much or how little taxes you want taken out of your paycheck. It would be hard to say what number to claim since what you claim on your W4 affects how much taxes are taken out of each paycheck. The higher the number of allowances the less is withheld for taxes, a smaller number of allowances will result in a higher amount withheld.
Since you both work may want to claim a smaller number of allowances on once job. I would suggest claim 1 allowance for your W-4 since this is the greater share of the income. You want to make sure that enough is withheld so that you will not have a big tax bill when it comes time to file your return. The IRS has a withholding calculator to determine what you can claim without owing. Please see the following : http://www.irs.gov/Individuals/IRS-Withholding-Calculator