How many exemptions on W-4 for married couple earning 45K and 50K?

I am earning about $50K per year. My wife brings in about $45K. We have one child. How many exemptions should each of claim on our respective W-4's?How many exemptions on W-4 for married couple earning 45K and 50K?
Well it depends. Do you like to break-even at tax time or do you like a big fat refund (also a BIG part of this depends if you are a home owner... I will assume yes)? That kid of yours will get you a nice credit this year, but if you want a big refund,so you can buy that flat screen tv, keep your W4 at max withholding that means zero exemptions. Don't like treating the government as your interest free savings account? Then combined you guys should have 3 exemptions (put the 2 on the higher income earner) This combined with any charity deductions and your mortgage interest will more than likely result in a small refund.