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The more allowances that you claim on your W-4 form, the less money will be withheld from your paycheck for federal income taxes. Examples of when you may be entitled to claim more allowances include getting married, having a child or incurring child care expenses.
Each allowance you claim reduces the amount of income subject to federal income tax withholding. For 2010, each allowance claimed reduces your annual income subject to withholding by $3,650.
Do not claim more allowances than you are entitled to claim. According to Bankrate, improperly claiming allowances on your W-4 form can lead to both civil and criminal penalties.
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