The main objective of withholding is to ensure you pay enough taxes during the year to cover most, if not all, of your tax bill by December 31. Here is some useful information from the IRS that you can use when completing the new W-4 - FAQs on the 2020 Form W-4.
The amount withheld from your pay is determined by two things: how much you make and the information you provide your employer on Form W-4. Here is another helpful article about how it works. Form W-4 and Your Take-Home Pay.
Here is a link to the TurboTax W-4 Withholding Calculator to help you get your allowances correct on your W-4. W-4 Calculator
[Edited 01/16/20 | 1:11 PM]
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