I want to claim 7 allowances, my payroll manager said that was an awful lot. She would not offer any "adivse" or help to determine the number. So am I crazy? Perhaps someone out here can help me out…

I am filing jointly.
I make 000 with 00 annual bonus
My wife makes 000 with no regular bonus
No significant dividends, interest, etc.

Itemized Deductions:
000 Total Mortgage Interest for the year
00 Property Tax
0 Ad Volerum Tax (My State’s "Birthday" Tax)
00 State Tax
0 Charity
0 Car Loan Interest (does this even qualify?)
00 Business Mileage (this was reimbursed, do I still use it?)
00 Health Insurance (this may be pre-taxed?)
50 My 401K contribution (this may be pre-taxed?)
50 My Wife’s 401K contribution (again might be pre-taxed?)
No Children

I am guessing whatever the magic number is that I would do that only one W4, and would claim 0 on the other form…
In response to the third reply:

I was under the impression that deductions were most definitely revelant to Allowances you would claim. Is this not true? Isn’t the point to claim enough allowances so that you are very close to what you actually owe at the end of the year after deductions and credits.

Also, I was about 99% sure the Car Loan, Mileage, 401K, and Health Insurance did not qualify. I just wanted to check.

In their fight against McCain Obama supporters keep saying that McCain supports Bush’s tax cuts and these tax cuts only helped the rich and not the middle class while Obama will make tax cuts that will help the middle class (this is their "answer" when they are asked how can Obama give "tax cuts" to those in the lower class that don’t even pay taxes to begin with).

My wife and I have been making between ,000 to ,000 a year over the last 10 years (it has been going up ever year and has mostly gone up over the last 5 years yet I have been working a lot less the last several years then before). Anyhow, since Bush’s tax cuts we have been paying less taxes then ever. Last year we made about k and our tax bill was something like 7 (compared to 10 years ago k in income gave us a ,500 tax bill). The main tax cut that has helped us was Bush’s increase in the child tax deduction (from 0 per child to ,000), not to mention the increase in individual deductions per person. The child tax deduction was a reduction in the amount of taxes owed, not a deduction from taxable income, so it’s impact had more of an effect on what we ended up owing. I think the cut off for the deduction is something like ,000 (i.e. if you made more then that you did not get the deduction, only those making less then that would get the deduction). Plus the last time I looked ,000 was not in the "rich" catagory.

I know Bush’s tax cuts had additional stuff that was meant to help businesses recover after 9/11 but it also included stuff that helped those making less like my wife and I and we are far from being "rich".

So why do Obama supporters keep saying that Bush’s tax cuts only helped the rich when that is not true?

While watching the news the last couple of days when talking about "Joe the Plumber" it was asked how can you cut taxes for 95% of the people when something like 35 to 40% don’t pay any taxes to begin with I’ve heard several Obama supporters reply that Obama’s tax cuts would help the middle class as Bush’s tax cuts did nothing for them. 3 so far did this today alone. They blew off the original question by responding to it with a comment about Obama helping the middle class. What has the middle class have to do with cutting taxes to people that don’t pay any taxes to begin with?

Judging by most of the "answers" to my question I clearly see it has gone over their heads as it was not about how the "world revolves around me". Nor did I say "all" Obama supporters are saying this. The last 2 days this is what several Obama supporters are saying on TV. They clearly state "all", not most, of Bush’s tax cuts helped the rich and none helped the middle class. Why? Can you at least answer that?
Winnie – send me a message that I can reply to and I will try to answer your question the best I can.