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Author: kimer Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Exempt this year?!?!? Date: 7/19/2000 5:05 PM
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Hello Fellow Fools (ahhhh! the atmosphere! Ahhhhhhhh!)

Anyway, here's our tax scenario this year. Am I misfiguring something?!?!?

We're married filing jointly, 3 children. Just moved here from Australia, husband just got a job in the USA (he's australian), and so therefore our gross income for 2000 in the US will only be right at around $30,000 (not even half the year worked).

So....just using standard married deduction of $7,800 (what it's supposed to be up'ed to next year) and $14,000 for the 5 of us exemptions ($2,750 each), making taxable income only $7,814. Which puts us in the "zero" federal tax bracket for this year.

Am I right?!?!? Could this BE? Also, I'm not even INCLUDING our mortgage interest write-off for this year, nor our 401K deduction in taxable income...

Again, what am I missing?!!! Or should we put EXEMPT for this year's W-4 statement?...

TIA!

Kim.
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