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I don't see that this excludes the number of allowances claimed.

But you're not stating that the number of allowances corresponds to anything in particular. The IRS gives you three different sets of instructions for how to calculate the allowances, and there are other third-party calculators out there that use different methods.

It's not like you're claiming a certain number of exemptions on a tax return.

Say your income is $100,000 and you are planning to give $50,000 in stock to charity this year. You use the IRS calculator to figure out your allowances. In August the company goes bankrupt and your stock is worthless. You don't have cash to make the charitable contribution. So you file a new W4 to have more money withheld. How is this committing perjury?
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