Steps to Completing the Form W-4
Over the years, the form W-4 has been expanded and became more complicated and time consuming to complete. Following the below steps should help and guide you through the completion of this form:
- Personal Information: Fill in your name, address, Social Security number (SSN), and filing status (Single, Married filing jointly, Married filing separately, etc.).
- Multiple Jobs or Spouse Works: If you have more than one job at the same time or if your spouse works, follow the instructions to determine adjustments to your withholding.
- Dependents: Enter the total number of dependents you will claim on your tax return.
- Other Adjustments: This section allows you to indicate any additional income not from jobs (like interest or dividends), deductions, and extra withholding.
- Sign and Date: Sign and date the form to certify that the information is correct.
- Submit to Employer: Give the completed Form W-4 to your employer. They will use it to determine how much federal income tax to withhold from your paycheck.
Remember, the IRS provides a worksheet with the W-4 form to help you calculate how many allowances to claim based on your specific financial situation. It’s important to review and update your W-4 whenever your personal or financial situation changes (like getting married, having a child, or taking on a second job) to ensure accurate withholding.
Also, the IRS offers the use of a Tax Withholding Estimator. This tool provides the following useful information.
- Estimate your federal income tax withholding
- See how your refund, take-home pay or tax due are affected by withholding amount
- Choose an estimated withholding amount that works for you
Use the link below.