What is the purpose of Form W-4 (hint the purpose of the form is explained at the top of Pg. 1 of the related pdf document)?

When can you ask your employer to update your withholding allowances on Form W-4?

Option A: At any point during the year

Option B: Only during your companys open enrollment period for benefits

Option C: You cant make any changes after youve returned the completed form with your new-hire paperwork

If you had asked your employer for a new Form W-4 at the beginning of the year and decided to claim five (5) allowances instead of two (2), how much additional take-home pay would you have had? See the bullets below for assistance with your calculations:

Your change in allowances would be 3 (i.e. from 2 to 5)

Multiply that amount by $4,150

Multiply that amount by your marginal tax rate of 24%

If instead you decided to claim zero (0) allowances, simply because you wanted the biggest possible tax return refund, how much would your tax return refund have increased if you went from two (2) allowances to zero (0) allowances at the beginning of the year? See the bullets below for assistance with your calculations:

Your change in allowances would be 2 (i.e. from 2 to 0)

Multiply that amount by $4,150

Multiply that amount by your marginal tax rate of 24%