Me and my husband (both under age 65) provide full support to our 18 year old son who earns $22,500 from a part time job, which is put away for college. In addition, we support our 22 year old son, a full time college student who earns $4500 to cover college expenses. How many personal exemptions and deductions can we receive if we file our tax jointly?

Both of your children may be considered your dependents, asuming that they live at home (when not away at college) and that they provide less than half of their own financial support. Consequently on your tax return you will claim a total of 4 exemptions.