Maximize Income from W4 but owe nothing to the IRS…?

Written By: Loan Calculator on July 22, 2009 No Comment

My wife and I want to give as small as possible to the IRS each pay period but owe nothing at the end of the year. I make $41,000 and she makes $65,000. We have one child and want to buy a home by November 30. We file jointly for the $10,000 marriage credit. We also will be getting the $1,000 child credit and also credits for renting and paying college loans. I do not know how to juggle both of our W4s to maximize take home paycheck amounts yet owe nothing at the end of the year. I tried a calculator online and it filled in “4″ in line H and “$150″ in line 6. Please give your opinion for what my paycheck should be and what hers should be as well.
Yes, I mean the standard deduction when I say “marriage credit.”

And I forgot the renter’s credit is state only. I am in CA.

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