A Form W-4 is an IRS form that employees fill out and forward to their employers when initiating a new job. Employers use this information to gather how much tax to withhold from an employee’s paycheck through out annually. It is formerly known as Employee Withholding Certificate.
Employers use the W-4 to calculate various payroll taxes and remit the taxes to to state , local authorities and IRS on behalf of employees.
Enter your name, address, tax filling status and Social Security number.
If you file jointly and your spouse works and you do more than one jobs follow the instructions to get right witholding
If your total income is less than $200000 or jointly $400000 you can show how many kids and dependent you have and multiply them by credit amount.
If you desire to claims deductions or extra tax witheld other than the standard deduction you can note that.
Once completed give the signed form to your employer human resources.
No you do not needed to update W-4 form every year. It is only needed when you start a job with new employer or want to adjust your witholdings at your existing jobs.
The IRS releases update version of W-4 2023 in late 2022. The 2023 W-4 form is similar to 2022 version. It has some changes removing a reference to the IRS withholding calculator updating the deduction worksheet.
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