Who knows about TAXES

OK, I just refilled out my W4...i claim total of 2. Now I claimed one because it says "Claim 1 if no one can claim you as their dependant" so I have to enter one right...cuz no one can. And then it says "claim 1 if your married" which I am so i have to cliam 1 right? I can't claim a total of 0 because that would be lying....am I correct?

That is correct

You are correct, you yourself counts as one deduction, and your spouse as another. However it is not illegal to claim fewer than you have, a lot of folks do this to maximize their withholding and refund (or minimize the likelyhood they'll owe at tax time). In fact if your spouse works and claims herself, then you should claim only yourself -- otherwise you'll not have enough taxes withheld and will likely owe more taxes next April, unless you have a lot of itemized deductions.

If you claim way too many deductions to minimize withholding, then the IRS can penalize you for under-withholding. I believe they can also penalize you for over-withholding, but that's rare and I've never heard of it happening.

Not many people know it, but you can actually specify how much tax withholding you want from your check, i.e. "I want $100 withheld every week." For people who routinely have to pay extra every year, they do this to spread the payments out so they don't get stuck with a big tax bill.

[i37faccc1f3]Standard Tax Disclaimer[/i37faccc1f3] Don't take tax advise from a public forum without professional consultation. P ;)

yeah my family has a professional consultant...i'm waiting to hear back from him.