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I realize that this is probably a basic questions, but I couldn't find anything that directly addressed it. I bought a house at the beginning of 2000, am married and we are expecting our first baby in March 2001. Since I have little concept of how much refund I will get, I have just left my tax exemption at 1. What should I up this to, or where can I find a calculation sheet to help me make an educated judgement on how much I should have withheld vs. getting paid out in each pay check.

As a first step, use the Deductions and Adjustments Worksheet that is attached to Form W-4. You can download/view that here:

The more exact way to do it is to estimate what your taxes will be. Then, get Publication 15 Circular E (available here: and compute exactly what your employer will withhold at each exemption level. This way you can precisely adjust the withholding exemptions to achieve the withholding that you want.
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