Quote Originally Posted by allodial View Post
Keep matters where they are best confined. Avoid getting stupid fancy and causing yourself trouble. The W4 has to do with status as pertains to the IRS--nothing to do with lawful money except that as pointed out above, the presumption is that you are taking FRNs for "payment" (i.e. you are allowing participating in the Industrial, Derivatives & Futures Wheel-N-Deal Game). The bank is where you deal with the redemption for lawful money--not at your job.
I have said it though, maybe after a few years of full refunds you might consider approaching Personnel and Payroll about it. As trustee of your estate you have a fiduciary responsibility and those withholdings could be gaining interest for you in your own account. Also, while held by the IRS those funds are not available as a savings account for replacing your car's transmission or tires etc.

But even then...