1. Aim: How is a W-4 Form completed? Mitchell Almonte CTEA H.S.

2. How does an employer know how much taxes to withhold from your paycheck? A. They will withhold as much as possible B. You inform them when you’re hired C. The IRS informs them D. They don’t withhold anything 2 PRE-TEST

3. Where can you find a W-4 form? A. Your employer B. The IRS C. Purchase from a forms vendor D. Both A and B E. None of the above 3

4. How do you complete a W-4 form? A. Copy from a friend that has done it before B. Tell the HR person to fill it out for you by entering default values C. Download a pre-filled form from the internet D. Fill out your personal information and circumstances 4

5. Objectives: By the end of this lesson students will be able to… 1. Explain the function of a W-4 form 2. Download a W-4 form from the IRS website 3. Fill out the contents of a W-4 form 5

6. What is the IRS W-4 form?  It’s the Employee's Withholding Allowance Certificate  Tells your employer how much pay you want withheld for your income tax. 6

7. Why is a W-4 form important?  It certifies that you will be legally employed  It ensures that you will be covered by Workman’s Compensation 7

8. Where can I find a W-4 form? From your employer OR… 8

9. Where can I find a W-4 form? …download one from the IRS website… http://www.irs.gov/http://www.irs.gov/ 9

10. How do I complete a W-4 form? Follow these easy directions… 10

11. Complete lines 1 & 2… Provide your name, address, and Social Security number… 11

12. Complete line 3… Check box for marital status 12

13. Complete lines 5 & 6… 13 Insert the number of dependents you will claim. If under 18 and are already claimed by another person, you must claim “0”

14. How do I figure how many allowances to claim? Complete the Personal Allowances Worksheet 14

15. How do I determine how many allowances to claim? Complete lines A through G… 15

16. How do I determine how many allowances to claim? Now add the number of dependents you have claimed and write the total on line H… 16

17. How do I determine how many allowances to claim? You will probably claim either a ‘0’ or ‘1’ AND… with “0”, the highest amount will be withheld 17

18. – but you will get $ back later…! 18

19. Am I EXEMPT from paying taxes? You cannot claim exemption from withholding if:  (a) your yearly income exceeds $850 and includes more than $300 of unearned income (for example, interest and dividends,) and  (b) another person can claim you as a dependent on their tax return. 19 NO

20. If you are ‘exempt’ from paying taxes… Skip lines 5 & 6, complete line 7!! If you earn less than $850 in the year and you have less that $300 of unearned income from interest, and no one can claim you as a dependent on their tax return, then……. YOU ARE EXEMPT… So, skip lines 5 and 6 and write “EXEMPT” on line 7. 20 YES

21. Don’t forget to… Print, sign, and date the form… 21

22. You are done ! Give the completed W-4 form to your employer. Your employer will complete lines 8, 9, 10. 22

23. Tax Help : How to Fill Out W-4 Forms Correctly 23

24. How does an employer know how much taxes to withhold from your paycheck? A. They will withhold as much as possible B. You inform them when you’re hired C. The IRS tells informs them D. They don’t withhold anything B. You inform them by filling out a W-4 form 24 POST TEST

25. Where can you find a W-4 form? A. Your employer B. The IRS C. Purchase from a forms vendor D. Both A and B E. None of the above D. Your employer’s human resources representative or the IRS website have the W-4 form for free 25

26. How do you complete a W-4 form? A. Copy from a friend that has done it before B. Tell the HR person to fill it out for you by entering default values C. Download a pre-filled form from the internet D. Fill out your personal information and circumstances D. The W-4 form determines the withholdings that are best for you. There is no set format that works for everyone. 26

27. How does an employer know how much taxes to withhold from your paycheck? A. They will withhold as much as possible B. You inform them when you’re hired C. The IRS informs them D. They don’t withhold anything 27

28. Where can you find a W-4 form? A. Your employer B. The IRS C. Purchase from a forms vendor D. Both A and B E. None of the above 28

29. How do you complete a W-4 form? A. Copy from a friend that has done it before B. Tell the HR person to fill it out for you by entering default values C. Download a pre-filled form from the internet D. Fill out your personal information and circumstances 29

30. Your homework assignment… 1. Go to http://www.irs.gov/http://www.irs.gov/ 2. Download a W-4 form. 3. Complete the W-4 form. 4. Submit completed form to your teacher for a grade! 30