The number of federal allowances you claim on the W4 (Form W-4) determines how much tax is withheld from your paycheck. How many allowances you claim depends on many things such as how many jobs you have, if you’re filing your taxes as “married,” if you have children, and if your parents still claim you on their tax returns, to name a few. The more allowances you claim, the less tax will be withheld from your paycheck. The fewer allowances you claim, the more tax will be withheld. For more guidance on federal allowances, read this article.