Yes. This is just a guide to help ensure that you have enough withholding to cover your tax obligations. You may have taxable income from other sources that you want to make sure is covered. It is not a be all and end all law, but a way to help determine a safe withholding amount.
There are some that say that you're giving the government an interest-free loan until your refund. And then there are others that appreciate a bigger refund that only costs a few dollars a paycheck.
Please feel free to post any additional details or questions in the comment section.
You may want to use these two tax calculators to see what your situation would be next year.
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Hope this is helpful.