need to know how many dependents one can claim thought the year?

Question

my wife is employed and have two dependents.House taxes,daycare expenise

Answer 1

It depends on your net worth. Why give the IRS money during the year if you can pay at year end????? Use your income to invest in a money market account. If you don't have money too invest than give it to the government during the year!

Answer 2

Through the year, you actually claim allowances, not dependents, so sometimes you can claim more allowances than you have dependents. Follow the worksheets that come with the W-4 form. It will tell you how many additional allowances you can take for things like child tax credit, child care credit, and itemized deductions.

Warning though - if you take the full number you are allowed to take, you could wind up owing at tax time, especially since your wife is employed. If for example the number comes up 8, you might be better to claim 6 for a year and see how it works out. And the number you come up with will be total for you and your wife, you don't each take that number.