Why do I owe so much in federal income taxes this year?

My wife and I made (combined) about $110,000.00 this year. We both claim 1 exemption each and married. We own a house and we also had a baby this year. I was just curious, so I just entered the W-2 information for myself and for my wife into TurboTax (filing married/jointly). We were immediately told that we... show more My wife and I made (combined) about $110,000.00 this year. We both claim 1 exemption each and married. We own a house and we also had a baby this year. I was just curious, so I just entered the W-2 information for myself and for my wife into TurboTax (filing married/jointly). We were immediately told that we owe about $3000.00. Now this is before anything else is entered as far as deductions go. But does this sound right? I just thought it was a little extreme.

Thanks in advance.
Update: Thank you for all of the responses. To provide additional information, I made about 69K, with about 8K withheld in Federal income tax. My wife made about 43K, with about 4K withheld in Federal income tax. We both have 1 exemption for Federal. I was just initially shocked because last year, I was making about... show more Thank you for all of the responses. To provide additional information, I made about 69K, with about 8K withheld in Federal income tax. My wife made about 43K, with about 4K withheld in Federal income tax. We both have 1 exemption for Federal.

I was just initially shocked because last year, I was making about 10K less with the same number of Federal exemptions, and I don't remember owing anything initially.

I haven't yet entered in any deductions and any of my child information, just my and my wife's W-2.

Thanks again.
5 answers 5