No, I would not give a W4 with a negative number in Step 3, Box 3. They will most likely give the W4 back asking for clarification. Try the IRS calculator for withholding. This is my favorite calculator. You will need a copy of your most recent tax return and most recent paystub to get the most accurate withholding. Note that this is an estimate and should be checked any time there is a new job or change in employment. It is also a good idea to check on your paystub withholding in June and October to correct any withholding issues.
