What tax bracket am I in & how many do I claim on my w-4?

Question

I am head of house hold claiming 3 exempt making $28,808.00 per year.

Answer 1

You've answered the second part of your question, you claim 3. Whether that is correct depends: are you married, how many children do you have? If you are married, do you file joint or separate returns? If you are divorced or filing separately, either you or your (ex) spouse can claim the children but both of you can't.

Answer 2

Claim single 3

And your marginal rate is 10%, but because of probable EIC and/or child tax credit/additional child tax credit, you will be getting back all your income tax withholding, plus more. The social security tax and medicare tax is gone, though.

Answer 3

10% or 15% bracket.

When you say "claiming three" what are you saying?  That on your return you claim 2 kids as your dependents, plus yourself?  If that's the case you could claim 4 on your W-4, or up to 8 if both kids are under age 17.

Answer 4

If you are filing as head of household, that means that you are not living with a spouse. Does the three exemptions include yourself and two dependents? If this is the case then you need to decide whether you need more money on a weekly basis or if you want a larger refund.

Head of household with two children at your income after the child tax credits will not have a large tax liability. You will also qualify for Earned Income Credit and you will end up with a refund.

So in answer to the W4 question, if you want more money on a weekly basis, claim all of your allowances. If you can do without the extra money each week, claim 1 allowance and more money will be deducted from your check for income tax purposes.

This information is only good if your dependents qualify under the IRS guidelines for qualifying child or relative.