If my hubby and I jointly make 122,000 a yr and have 1 child. How many dependents do we each claim from payck

Answer 1

The best thing to do is what I did. Use the IRS exemption or witholding calculator. You punch in the numbers and expected earnings etc. and it will tell you what to claim. Here's the link.
http://www.irs.gov/individuals/page/0,,id=14806,00.html

Answer 2

You want to have it such that at the end of the year, you're either paying less than $500 to the government or getting less than a $500 refund.

You can claim as many exemptions as you want to, as long as you pay 90% of the taxes you would owe within the calendar year. If you don't, you're subject to quarterly tax filing as well as penalties. In your case, given your income, you're also probably getting hit with the AMT, so you need to have a good idea of where you're going to be on December 31, not on April 15.

One guy I worked with had 17 exemptions on his W-4, but he had the deductions that would allow him to meet the 90% requirement.

Answer 3

Depends on whether you have been getting a refund or paying the balance of you taxes at the end of the year. ALso, what other types of deductions you have going.

If you want to receive a refund at the end of the year ( by overpaying your taxes ) it is better for both of you to claim NO dependants. ( zero )

Answer 4

There are too many factors that are not included in your post.

For example, do you itemize deductions? If so, what deductions do you have.

I suggest going to paycheckcity.com and using their W4 helper. It will walk you through how many exemptions you should claim.

Answer 5

You have only one child and hence you can only claim one dependent and if the tax returns are filed separately, only one of you can claim that dependent allowance!

Answer 6

only one each pay check. also go to. irs.gov