Form W-4 Line 5 1 or 2 ?

[razorxtr]

What is the name of your state? IL

Ok quick question: i cant seem to get a straight answer from anyone i know,

I am starting a second full time job, (have another one on the weekends)

I want to have the least amount of taxes taken out of my paycheck



1. Should i PUT 1 or 2 on line 5 of my W2 FORM?


2. Out of my previous job they were taking out 23% of my pay on tax, Medicare and SS.
i must of put 0 on my W-4 Form, correct?? i don't remember



ALSO:
i also plan on putting about 5k or more into my IRA for 2008 and have about 40k in school loans that i pay interest on.

Anything you recommend? to get the most tax advantage possible?

Im assuming this would affect my filings at End of year.What is the name of your state?What is the name of your state?What is the name of your state?

 

[ecmst12]

The more you claim, the less they take out. This could mean you'll have to pay at the end of the year, but if that's what you want, claim 2.

These are tax law questions that belong in the tax law forum, or even better asked of your accountant.