If I change my dependents from 0 to 1, how much will it affect my paycheck?

Question

I just had a child and need more cash. Will this help?

Answer 1

www.paycheckcity.com

Enter your info in the paycheck calculator and change the federal and state exemptions and see the effect that it has on your take home pay.

Answer 2

It depends on your tax bracket.  In a 15% bracket, it will give you about $10 more a week for each allowance you add on your W-4.  You could claim more than 1, and get even more in your paycheck.  Be aware that whatever you get extra in your paychecks, you get that much less in your refund.  But with a child under age 17, you'll also get a child tax credit if you have any tax liability, so that will also give you more refund money unless you already get everthing back that's withheld for federal income tax.

Answer 3

You  might look at the Income tax tables for the amount you earn and see what the difference is by raising the number of dependents from 0 to 1. Ask the payroll people at the place you work. They will tell you immediately.