Withholding Allowance definition explanation

What is Withholding Allowance?
An allowance an individual claims on a W-4 Form. It is mainly used to assist an employer in calculating the amount of income tax to withhold from an employee’s paycheck. Read more for examples and further explanation including related video clips and also comments

Example explains Withholding Allowance
The more allowances you wish to claim, the less income tax will be withheld from your paycheck. You can claim one allowance for yourself, one for your spouse, and one for each of your dependents.

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