Got married in May. Wife will make about $6,000 this year cuz she's in school. I make around $62k. Should I do claim 2 or 1 on my W4? what will be the difference in pay? I own a townhome, no kids, don't own my own business. shoot me an email or something if you need to?
2007-06-25 06:21:56 · 2 answers · asked by sportsstar4u 3 in Business & Finance ➔ Taxes ➔ United States
I'm no accountant, but if your wife is making only $6,000 because she's in school, you should take the deduction. If you have a mortgage that you are paying for your home, you can also use that as a deduction and claim it because the interest on a home mortgage is tax deductible.
2007-06-25 06:32:17 · answer #1 · answered by PK 5 · 0⤊ 2⤋
You'll most likely be in a 15% bracket.
For each additional allowance you claim on your W-4, you'll have around $500 per year less withheld from your paycheck.
2007-06-25 06:30:32 · answer #2 · answered by Judy 7 · 1⤊ 0⤋