What should I expect to get back?

jd1019 · #1 Jan 30, 2008, 05:26 AM

I am going to reenlist for a 26K bonus. I am a FL resident so state taxes are not an issue. I have a wife and 2 children as dependents. I own a home wich I will be selling in 2008 to PCS. I will buy a new house when I get to my new duty station (whatever $ I make from my current home will be put as a down payment on the new house). Both myself and my wife are full time college students. Our combined income for 2007 was just under 70K combined. What should I expect for the next years taxes to look like? I do not pay child care as my wife works from home. I reside in NC now and when I PCS and my wife works out of an office based in VA. I claim 0 on my W4 and my wife claims 0 for federal and 1 for state- Va. Should we make any changes to these forms to make more money in the end? How much should I receive for my bonus? What percentage do they withhold?



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