How to calculate what allowance I should claim on my w-4
So I finished my taxes this year and I got a refund of 1k on Federal and $241 on State. My allowances were 1 for both my wife and I. I don't want a refund so that I can use the money throughout the year and not give the gov't an interest free loan. So I attempted to use the IRS's calculator but it's been down since December 31st. (no shock!) I've tried http://www.hrblock.com/free-tax-tips-calculators/w4/index.html and that didn't give me the answer I'm looking for. Basically it had me put in my gross income, my federal withholding, a date of the paycheck which was weird because I cannot use 2013. Then they wanted the total federal withholding for the year, which I took my fed withholding and times it by 26. So I used 12/30/12 as an example and that gave me a net income that was almost $200 off based on my allowances claimed. If you look at the website there is a slider that you use to look at what your refund and salary would be based on the allowance chose, but that didn't clear anything up for me.
Does anyone have a reputable site I can try that will give me the info I need.
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