I am on H1 B Visa and My Wife and Kid (1 yr ) are on H4 Visa.

1) How many excemptions can I claim ?
2) Am I under the status of Married filling Jointly ?
3) Should I attach 2 (Two) , W-7 forms with my Tax Return, 1 for my Wife and 1 for my Child

You and your wife can file jointly, claining your child as a dependent.

You get THREE exemptions. Put your wife's name under yours, leabing her SSN blank. Put your child's name in block 6c, leaving the SSN blank.

Attach TWO W-7s (one for wife, one for child), plus notarized photocopies of their passports, to the tax form, then mail it to the address in the W-7 instructions.