Tax Q's galore! This yr, we owe $1242 to Fed and $384 to State. We filed jointly (married). He makes $35K and has 2 allowances on his w4 with NO additional w/holding. I make $14K and I have zero allowances on my w4 with NO additional w/holding. We are having our 1st baby in June. We have no other dependents.
What changes would you suggest we do to our w4's so that next year we can expect to "break even." We want our monthly net income to remain as high as possible because it is difficult to predict just how much this baby will cost us. We got pregnant with the conscience decision that we could afford the baby...but now, things suddenly changed when we got our tax return information!
Could my husband keep his W4 the same, and could I take the total fed and state that we owe, divide those amounts by the remaining months in '07, and claim those amounts as additional w/holding for state and fed on my W4 ? Also, can we expect a definite $1000 child tax credit (Fed)? Thanx!
2007-04-02
01:03:26
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4 answers
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asked by
Sylves
3