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If you claim the perfect number of allowances, you'll owe no tax and end up with a refund of $0. Image: DonkeyHotey, Flickr. The W4 form is short and might seem like it should be easy to fill out, yet it still confuses many people. A key confounding issue is how many allowances to claim on the W4.mage: DonkeyHotey, Flickr The W4 form is short and might seem like it should be easy to fill out, yet it still confuses many people. A key confounding issue is how many allowances to claim on the W4. Let's take a look at the W4 form, at what allowances are, and at some strategies you might employ.
One of the best things about W-4 exemptions is that they reduce taxable income. The more exemptions you claim on the W-4, the bigger your take-home pay. If you donât have exemptions, chances are you pay federal income tax on all your wages for the pay period; this causes a drop in your take-home pay. The Internal Revenue Service gives a specific amount for each exemption that you claim on the W-4.