I am Married and have 2 children. When I did the worksheet it came up to 7, which seems like a LOT to me.
2006-12-20 01:22:58 · 6 answers · asked by HoosierMommy06 3 in Business & Finance ➔ Taxes ➔ United States
You also need to take into account if your hubby works. He may already have claimed everyone on his W-4. If he has and you do as well, you could end up owing the IRS come tax time.
Claiming Married and 7 will make it where you have even less with held for federal and state taxes.
What I recommend to my clients, and I do this myself, is if your spouse has already claimed everyone on his W-4, then claim Married and zero for yourself.
This is what I have done and we still get a refund every year. I have now gone in and made some more adjustments because my paychecks are smaller, I don't get very much with held. I am having them take an extra $10 for federal and $5 for state per paycheck.
Without knowing where your income falls and what your husband claims, it is hard to give you an accurate answer.
For more help, you could take the most recent paycheck stubs for both of you to your nearest H & R Block. They have a refund estimate calculator. Tell them what you would like to get for a refund and they can help you fill out your W-4 appropraitly. There is no charge for this service.
Hope this helps!
2006-12-20 02:48:20 · answer #1 · answered by D.M. C 2 · 1⤊ 0⤋
Claiming 7 On W4
2017-01-14 03:43:41 · answer #2 · answered by ? 4 · 0⤊ 0⤋
The more you put, the less taxes you pay each week, you can put 7 to start.
Once you get your check, you can use the IRS's W-4 calculator. You fill in information from your pay stub, and it will tell how the amount you should put on your W-4. You can adjust the # of dependants anytime during the year.
http://www.irs.gov/individuals/article/0,,id=96196,00.html
If you are bad with money and can afford to claim Single and 0, you'll get more at the end of the year.
2006-12-20 06:21:17 · answer #3 · answered by Eric D 2 · 0⤊ 0⤋
The more dependents you claim the less is taken out. In my experience don't claim all it says or you may not get back much. If you had to pay much income tax back, claim less. If you husband is working and claiming you and the kids, dont claim anything but yourself. You might have to pay in. If you are the only one working I would suggest 3 or 4. Better yet seek out a local accountant for advice.
2006-12-20 01:34:14 · answer #4 · answered by Virginia C 5 · 0⤊ 0⤋
You can ask someone in the payroll office to look over your work to see if it looks right. If you think it's still high, claim 5 or so. You may end up with a larger refund, or you may still owe - I don't know without seeing the details of your return. If you get a huge whopping refund, turn in another W-4 next time with more deductions claimed on it.
2006-12-20 01:25:57 · answer #5 · answered by Ralfcoder 7 · 0⤊ 0⤋
If single that makes 2 for you + 2 kids = 4 minimum. If own house with mortgage & with child credit higher could well be good. Try to avoid getting big refund as that is zero interest loan to govt. Whoops - was hurrying. As married 5 is minimum unless husband already taking the deuctions. Then zero is correct. Make sure he is taking at least 5.
2006-12-20 03:00:23 · answer #6 · answered by vegas_iwish 5 · 0⤊ 1⤋
You can claim up to five. You, your husband, each of your kids, and one for only having one job (not sure why that's important, but it's been there ever since I've been old enough to work). You can claim less if you want more money to be taken out so you don't have to pay at year's end.
2006-12-20 01:32:16 · answer #7 · answered by Jim C 4 · 0⤊ 2⤋