I see you are referring to the $2000 per child tax credit. This $6000 would reduce your tax amount when you file your tax return at the end of the year. In regards to the $500 for you and your wife, this is not applicable. The tax credit applies only to dependents who do not qualify for the child tax credit( $2000 per child).
None of these credits are considered when completing the W-4. Under the old system, credits, dependents, and other allowances were factored in.
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