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2011年8月3日星期三

We are a family of three, with a 7 month old son. My husband is the only one that works. What should he claim?

-He makes about $54,000.00 a year. He claims 0 now and has an extra $50.00 taken out of every check, but that was when we were both working and didn't have a child. What should he claim now?your personal exemptions are $3700 each, this is $11100, as non taxable



married filing jointly your standard deduction is probably $11900, now $23000 is not taxable leaving $31000 as taxable

$500 child tax credit will reduce any income tax liability by that amount, the tax rate is probably about 15%(tax of approx. $4650)
Why give the government a free loan?

Claim at least 2 and use the extra $ to fund either an IRA or 401k.
He could claim married and up to six allowances - I'd stick with five. He doesn't need to have extra taken out.

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