You cannot withhold a flat amount from a paycheck. The IRS states "withholding must be based on allowances you claimed and may not be a flat amount or percentage of wages".
The reason: Using a flat percentage conflicts with the graduated tax rate system.
If the IRS discovers a group of W-2s with too little FITW and cannot figures out how that amount was withheld, it wil suspect that it is a flat amount. Then it will be the employe - not the employee - who is held responsible.
The new W-4 is available at www.irs.gov/pub/irs-pdf/fw4.pdf and the worksheet at http://www.irs.gov/, type in "withholding calculator".
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