Exemptions?

Question

My husband brings home about 760/week but they are taking out about 105 for Federal.. how many does he need to claim to get less taken out? Right now he is claiming 3....

Answer 1

Use the link below to calculate how withholding effect take home pay.  But be careful - if you underwithold (paying less in taxes than you owe) you may get hit with interest and penalties on the amount.  It's best to try and calculate what you will actually owe and withold that amount.

Answer 2

www.paycheckcity.com will answer your stated question.

However, you still need to have enough held out to pay your taxes when you file your 1040!

Answer 3

For your W-4 form, the higher your number of allowances the less is taken out.  Check how much tax you paid last year, and how much your refund was.  Go to www.paycheckcity.com to follow a worksheet detailing how you arrive at the number of allowances you should be claiming. June is a great time to update since the year is almost 1/2 over.  We just upped ours from 10 to 15 (we have 4 children) since we already overpaid what we paid in last year, plus will get about a $3000 refund already with what was paid this year based on 2007 rates.  Our changing up to 15 from 10 gives us $220 more per month now instead of letting the government have an interest free loan.