Tax question?

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On a salary of $5,000 per month, what would be the tax difference in claiming 1 and 2 dependants?

2007-06-16 03:05:31 · 2 answers · asked by xawellington 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

If the second dependent is a child under 17, you are reducing your taxes by about $1,500. If not, about $500. This assumes you are in the 15% tax bracket.

Add $300 to each number if you are in the 25% tax bracket.

2007-06-16 06:20:25 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋

I assume you're talking about allowances claimed on your W-4.

Depends on whether you're filing as married or not. If single, withholding difference would be somewhere around $16 a week. If married, more like $10 a week.

2007-06-16 03:37:54 · answer #2 · answered by Judy 7 · 0⤊ 0⤋