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Thanks to you both for your help.

I just quickly went the turbo tax route and as a result have another question.

Turbo tax is suggesting
WIFE: Married - 3 Personal Allowances - 0 extra withheld
ME: Single - 5 Personal Allowances - 0 extra withheld

We have only one child and are both under 65 etc. So we only have 3 exemptions on our actual taxes. Can we legally claim 5 on my W-4??????


Second question: If in Dec we add up all of our withholdings and find out that it is less that the actual tax owed for 2007 can we send an extra payment to the IRS to make up the difference and ensure that we will not have a penalty????
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