w-4 question?

Question

Hey, I make around 28, 500 a year an i'm currently claiming 1 on my W-4 federal tax. I'm married and have 1 child. How do I figure out what the max amount is I can claim on my w-4 (to get a little more $$ on my paycheck) without having to pay the irs at the end of the year? thanks to all

Answer 1

www.paycheckcity.com is the perfect paycheck calculator website for you. I've given it as my answer to a lot of people who ask paycheck related questions and I usually see some kind of feedback from them in their comment that it's a great site

Answer 2

If you file as Married Filing Jointly and have one dependent child, then your federal deductions are 2 X $5,350 + 3 X $3,400 that is $20,900. Your total income is $28,500. Your federal taxable income is $7,600.
Your total federal income tax is $760 if your are not claiming any credit. If you are claiming any credit, then federal tax liability may be nil.

Now check your last paycheck slip and find out how much federal taxes has been withheld up to now. Based on these figures make the changes on W4.

Answer 3

Just follow the instructions on the W-4 itself.

1 for yourself
1 for your spouse
1 for your child
1 if your spouse does not work and you have only one job.
1 for each $3,400 in itemized deductions over $10,700.

If your spouse works or if you have significant additional income, use the worksheets on page 2 to figure the proper withholding allowances. If your spouse works, the total you arrive at is the COMBINED total you should be claiming. Normally it's best for the one with the higher income to claim all of the allowances and the other to claim zero.