Ok all you tax experts out there! I'm no accountant, but I feel like we should be seeing more in our take home pay. I also don't remember what we currently claim, as we've been at our jobs for a while (and, I have to admit, I just started paying attention. To everything financial. Thanks MMM!). We had our first child this January, and I'm wondering if we should be changing our withholding, so I can optimize our investing.
Married, filing jointly, one child.
My Gross: 137K
Her Gross: 45-50K
What should we each claim? One? Two? Ten? I'd love to break even tax-wise in April, as I prefer not to give Uncle Sam an interest free loan each year. Our income has fluctuated up/down a little the last few years as dinks, so we've varied from owing 8k (ouch!) to getting a $400 refund.