Post on 18-Jan-2016
Filling Out A W-4 Form
W-4 Form Gives info to employer so they can calculate
how much income tax to withhold
You are responsible for the accuracy of this document and can be fined
You pay little by little and don’t owe one lump sum in April
The govt. receives a steady cash flow
Sample W-4 Form and Worksheet
Allowances
Allowances – a number recorded on the W-4 that reduces the amount withheld from your pay
The more allowances, the less withheld
The number of allowances will not change what you owe
Ex. $700 is withheld throughout year In April it is determined you owe $8,000 You will pay difference (plus fine)
Dependents
Dependents can be taken as allowances Under 19 Full-time student under age 24 Elderly relatives living in your household
with very limited income