Do you or your ex wife get to claim the kids for tax purposes? You should claim 1 for yourself plus your dependents. Some people opt to claim 0 so that the IRS takes more withholding so they get a bigger refund. This makes about as much sense as being a Viking fan, but look at how many of those stupid bastards are walking around.

Your exemptions should coincide with how good your money management skills are. If you are a person that spends too much, you may want the IRS to hold out more to cover you at tax time. That bill doesn't go away.

Originally Posted by: DakotaT 

I emailed my sister, who's mother is good with taxes. She said if I claim 6, I should be fine meaning I'll break even or have a small return. She said it'd be best to claim one less, meaning 5 (you're welcome vikesrule) to give me larger paychecks and still will surely give me a return, albeit a small one.

Edit, I'm claiming 4 so I guess I should just leave it alone. If I raise it up to 5, it's only about $60 more a month.

Originally Posted by: Zero2Cool 

I am self employed so I don't have a W4. I get to pay both halves of SS withholding and do quarterly estimates. If I am wrong I get to pay a penalty or at the very least interest. %(^%#@! gov't.

Originally Posted by: wpr 

Doncha love that "self-employment" tax whammy?

"Hi, I'm from the government and I'm here to help you. Now shut up, turn around, and bend over."

Originally Posted by: Wade