My wife and I have 2 kids and claim 0 on our w-2's. We get approximately 2500 in tax return.
I don't want a tax return. I would rather use the money to pay off debt. I don't want to pay a tax bill either.
How much should I withold and how much should I claim?
2007-03-27 06:48:11 · 4 answers · asked by Jason L 1 in Business & Finance ➔ Taxes ➔ United States
I recommend that you complete this
http://www.irs.gov/individuals/article/0,,id=96196,00.html
If you experience any changes throughout the year, you can always re-do your W-4's for you and/or spouse.
good luck & bless
2007-03-27 08:16:16 · answer #1 · answered by Wood Smoke ~ Free2Bme! 6 · 2⤊ 1⤋
Judging from what you have written, it is better for you to claim 2 on your W4 and your wife the same also. That way all four dependents are accounted for and you will be getting the most money on your payday.
2007-03-27 14:05:10 · answer #2 · answered by Ola 4 · 0⤊ 1⤋
You should claim 4 on yours and 0 on hers. If both of you contribute on a 401k, then that should also help lower your taxes.
Visit the following sites:
http://www.irs.gov
http://www.payroll-taxes.com/calculators.htm
2007-03-27 16:10:05 · answer #3 · answered by Shayne 1 · 1⤊ 2⤋
do u have a house?
2007-03-27 13:52:46 · answer #4 · answered by just m 1 · 0⤊ 2⤋