Filling Out A W-4 Form. W-4 Form Gives info to employer so they can calculate how much income tax to...

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Filling Out A W-4 Form

Transcript of Filling Out A W-4 Form. W-4 Form Gives info to employer so they can calculate how much income tax to...

Page 1: Filling Out A W-4 Form. W-4 Form Gives info to employer so they can calculate how much income tax to withhold Gives info to employer so they can calculate.

Filling Out A W-4 Form

Page 2: Filling Out A W-4 Form. W-4 Form Gives info to employer so they can calculate how much income tax to withhold Gives info to employer so they can calculate.

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

Page 3: Filling Out A W-4 Form. W-4 Form Gives info to employer so they can calculate how much income tax to withhold Gives info to employer so they can calculate.

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

Page 4: Filling Out A W-4 Form. W-4 Form Gives info to employer so they can calculate how much income tax to withhold Gives info to employer so they can calculate.

Ex. $700 is withheld throughout year In April it is determined you owe $8,000 You will pay difference (plus fine)

Page 5: Filling Out A W-4 Form. W-4 Form Gives info to employer so they can calculate how much income tax to withhold Gives info to employer so they can calculate.

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