What should my husband and I claim on our W-4s?

Question

We got married and bought our first home this year. We had both claimed 0 before, but now it is more important to receive more in our paychecks each pay period than worry about receiving large refunds. We both earn around $30k/year, and have no children. We would ideally like to break around even or end up owing slightly. Should we each claim 2?

How do you know if the percentage taken out of your paycheck is too low or too high?

Answer 1

Use this calculator it will tell you what you should put on your w-4 form. This is on the IRS's website.

http://www.irs.gov/individuals/article/0,,id=96196,00.html

Answer 2

You'd be wiser to each claim 1 - or maybe one of you claim 1, the other claim 2 if you don't mind owing at tax time. If your total itemized deductions including the mortgage interest and property taxes are at least around $13,000, then you'd probably get away with each claiming two.

Answer 3

Here's my suggestion. Claim 2. Then when you get your next paycheck, see what percentage tax that they took out. If the tax is too low, claim less exemptions. If its too high, claim more. You might be able to ask the bookkeeper how much they'll take out.

Answer 4

I've always just claimed one. I end up breaking decently even, I usually get a couple hundred back when all is said and done.

Regardless, with you both earning so much, no matter what you claim, you're going to have trouble breaking even.

Answer 5

never mind, dont know w4 is, only a w2. if they are similar, there should be a worksheet which you fill out and it tells you what to claim, example, on my w2 i always claimed 2. this year, for the first time in 6 years, i filled out a new one, filled out the worksheet and waalaaa, and now claim 6. its all legal.