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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. I am asking this both in light of our new home and considering alternative income scenarios for my wife (continue working full-time, part-time or not at all). Thank you for your help.
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