im confused, i just had a baby, and im wondering if i will pay higher taxes now. im mypay it has a tax exemption option and i think i would choose 3 me, wife, and baby. but i want to find out if i will pay more or make more. thanks.
2007-06-25 14:08:34 · 4 answers · asked by rob w 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
im in the air force, and havnt set it up yet. my daughter is 9 days old
2007-06-25 14:46:59 · update #1
Congratulations on the baby.
If you currently claim 2 allowances on your W-4 but change it to 3, then you'll get a little more in each paycheck. When you file your return, you'll get not only the exemption for the baby but also a child tax credit, so your taxes should go down nicely.
2007-06-25 17:46:03 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
With the extra exemption, you will pay and owe less in federal taxes.
2007-06-25 22:59:47 · answer #2 · answered by Oliver1010 3 · 0⤊ 0⤋
If you can afford it choose just 1 on your w4 and then when you file taxes put your wife and child......
2007-06-25 21:13:25 · answer #3 · answered by pootfart3 3 · 0⤊ 1⤋
they take less out of your check but becareful because if it is done wrong you can end up owing!
2007-06-25 21:13:30 · answer #4 · answered by tresses_undone 3 · 1⤊ 1⤋