The IRS can charge you an underpayment penalty if you do not have enough tax withheld throughout the year. They state:
"You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:
- Your filed tax return shows you owe less than $1,000 or
- You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less."
I usually recommend filling out the W-4 "correctly". That is to say, by basing your calculations on the number of dependents you actually have. But if that is not producing the desired result, then I would recommend just requesting a specific dollar amount of additional withholding.
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