No, you will not get in trouble. The W-4 is a form your employer keeps so they have your name, address, Social Security Number and how to calculate the amount of Federal withholding for your pay.
Under the new tax law, there are no personal exemptions, now there is a credit for every person you can claim on your return as a dependent.
Personal Exemptions were an amount that you could deduct for every person you could claim on your tax return which gave you a deduction for before Income Tax was figured
Allowances refers to the same thing of an amount to deduct from your income before tax is figured based on how many dependents you can claim on your return.
Dependents are individuals you can claim on your tax return because you provided more than 1/2 of there support during the year.
On the W-4 form by asking you if you have dependents less Federal tax would be withheld since you would receive a credit for each dependent that you can claim.
You can change the amount of Federal Withholding anytime. You can choose to have more withheld or less withheld. Then when you file your tax return if you did not have enough withheld you will have a balance due and if you had more withheld than you need to pay the tax you owe to the IRS you will receive a refund.
Link to What is a W-4 form
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