How many allowances to claim?
I am a teacher in Wisconsin. My wife is also a teacher we were married last year. I have claimed 0 in the past year, but I'm looking for a little extra money in my paycheck each month and was thinking about claiming 1 starting with the new year. We also have a baby on the way due April, 2017. Our teacher contracts pay about $40k each (80k total) but I also have a secondary job that pays another 12k per year. We both have student loans that we are paying on but we both are looking for a little extra monthly cash, my wire especially as she has already changed her claims from 0 to 1. Does it make sense for me to switch from 0 to 1 as well? What are the benefits? Downfalls?