Hi Tax Gurus! We are newlyweds w/ no dependents, and we have a question about our W-4 and State personal withholding allowance tax forms. Right now we are both claiming 0 for our withholding allowances on our W-4 and state tax forms, so we are both getting the max. taken out in taxes each paycheck and get decent sized tax returns.
What we would like to do is have less taxes taken out from each check rather then get money back in the form of a large tax return. Ideally break even and not owe or receive money.
Here are our questions:
1.) Being married, between the both of us, what is the maximum number of withholding allowances are we able to legally claim?
2.) Does the number of withholding allowances on your state tax Personal Withholding Allowance Form have to match the number of withholding allowances you claim on your W-4?
3.) Does the number of withholding allowances you claim on your W-4/State forms have to match the the number of personal exemptions on your tax return?
2007-07-18
01:21:40
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4 answers
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asked by
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in
United States