W4 Tax Form

When Do You Get a W-4 Form? for new employment, starting a new job

What is done with the W-4 once it is filled out? you cut off the bottom half of the page and give it to your employer.

What is the purpose of the W-4 form? it tells the employer how much money to withhold for taxes from the employee

Accuracy It is important that the information be filled in is accurate.

The more exemptions that are claimed, the less money that is withheld. You may claim exemptions for yourself, your spouse, your children, and any other dependents. Other deductions include the earned income credit, and other credits.

Other Notes: If there is any event that causes information on the form to be obsolete, then you should file a new W-4 with your employer (for example, having children If you don't claim enough exemptions, you run the risk of being responsible for tax penalties. Normally, 90% of your taxes due need to be withheld during the year. If you think you are going to be responsible for paying more taxes in a given year, you can use the W-4 form to increase the amount of money your employer holds for taxes, so you don't have to make additional payments during the year.