1. Increasing your 401k deduction will your take-home pay and your federal taxes in the current year.
Decrease, Not change
Decrease, Increase
Increase, Decrease
Increase, Increase
Decrease, Decrease

2. Increasing W-4 allowances will the net pay in your paycheck and your total tax burden.
Decrease, Increase
Increase, Not change
Increase, Decrease
Decrease, Not change

3. Suppose you filed your taxes and received a small refund from the IRS. What would have been the impact on the refund amount if you had decreased the W-4 allowances for that tax year?
The refund would be smaller or you may owe taxes
The refund would not change
The refund would be larger

4. Assume you are participating in your employer's direct deposit program. On payday, the employer deposits your ____ into you bank account.
Gross pay
Net Pay
W-2
401(k)

5. Many tax professionals and advisors recommend adjusting your W-4 allowances so that...
you maximize your tax refund.
you minimize your tax refund.
you maximize your take home pay.
you maximize your allowances.

401k is taken from a part of your total income. So, increasing the amount of 401k deduction would reduce the amount of income that you can brought home. But, since 401k is not eligible as tax payment, increasing it would be resulted in the decrease of your tax payment.

2. I believe the answer is: increase/not change

w-4 allowance would provide us with tax deductables that can reduce our federal tax payments depending on our marital status. It would increase the net pay that you can bring home, but since it part of obligation to begin with, there would be no change in your total tax burden

3. I believe the answer is: The refund would be larger

Decreased w-4 allowance in this context would mean that you pay more taxes than your are obligated to pay (usually happen when you forgot to include your deduction) , because of this, you have the right for a larger refund to compensate for the over payment.

4. I believe the answer is: net pay

Net pay refers to The amount of payment that you still hold after all deductions are being made. Net pay represent your overall disposable income, meaning the maximum amount of income that you could use for your consumption.

5. I believe the answer is: You minimize your tax refund

Tax refund could only be gotten after you following the procedures that could take up a lot of your time. Rather than getting the financial value from tax refund, you should get it from not over paying the tax payment to begin with. With this you obtain the financial value without following time consuming procedures.