Hello and Good Afternoon Everyone,
I am wondering what is the significance of Number of Allowances on a W-4 Employee's Withholding Allowance Certificate. My value for this category is 1. When I compare my return to what others with the Number of Allowances set at 0, their returns are almost twice of what I normally get each year. That said, are there any hidden short-term or long-term benefits of leaving the Number of Allowances set at 1 or should I consider going to Human Resources and having it changed to 0 in order to claim a higher refund next year?
Any shared thoughts to this question will be greatly appreciated.