How do I fill out a new W-4 form?

How to fill out a W-4 form

1. Step 1: Personal information. Enter your name, address, Social Security number and tax-filing status.
2. Step 2: Account for multiple jobs.
3. Step 3: Claim dependents, including children.
4. Step 4: Refine your withholdings.
5. Step 5: Sign and date your W-4.

How to fill out a W-4 tax form?

How to file a W-4 form in 5 Steps Enter your personal information. The first step is filling out your name, address, and Social Security number. Multiple jobs or spouse works. The second step applies only if you have more than one job at the same time or are married filing jointly and you Claim dependents. Factor in additional income and deductions. Sign and file with your employer.

What is the purpose of the W4 tax form?

What Is A W-4 The purpose of Tax Form W-4 is simple as it is used by your employer to withhold the proper amount of federal income tax from your paycheck . The IRS recommends that employees submit a new W-4 tax form each year, or any time their personal or financial situation changes. Of course, this is required upon being hired.

Who needs to fill out IRS Tax Form W-4?

When you hire an employee, you must have the employee complete a Form W-4, Employee’s Withholding Certificate . Form W-4 tells you, as the employer, the employee’s filing status, multiple jobs adjustments, amount of credits, amount of other income, amount of deductions, and any additional amount to withhold from each paycheck to use to compute the amount of federal income tax to deduct and withhold from the employee’s pay.

How your W-4 affects your tax refund?

The W-4 that you fill out for your employer determines how much of your paycheck gets withheld for federal income taxes. At the end of the day, your withholding won’t affect the amount of taxes you owe. But if you have your employer withhold a little extra each paycheck, you can surprise yourself with a tax refund at the end of the year.