W-4 IRS Federal Tax Withholding Form.
Complete and submit a new W-4 form each year so that your employer can deduct the right mount of tax from your pay. It will be helpful to you so that you aren't stuck with out enough taxes taken from your pay and a sizeable chunk of money owed to the IRS. Download the W4 Form here.
Uncle Sam does want his tithe after all.
You may be exempt. If so fill in lines 1, 2, 3, 4 and 7 and then sign the form and have a nice day.
If someone else can claim you as a dependent on their
tax return, you can't claim exemption from withholding if your income is over $1,000.00 and includes more than $350.00 in unearned income.
The W-4 form includes basic instructions and a personal allowances worksheet as well as
instructions for "Head of Household", "Tax Credit", "Allowances Worksheet", "Non Wage Income", "Two Earners or Multiple Jobs",
"Non-Resident Alien",
The form is 2 pages long. It consists of both instructions and the actual form it self.
Page 2 has two main sections.
The Deductions and Adjustments Worksheet and the Two-Earners/Multiple Jobs Worksheet.
Below that is a table of wage amounts and levels.
Download the Publication 505 for information on the
Tax Withholding and Estimated Tax
A lot of people break out in a nervous sweat and get the shakes when it comes time to file their taxes.
The first time that I tried to file by myself left me with a feeling of confusion because I did not bother to read any information about how to go about it in a fair way, a way that didn't leave me broke and living in a cardboard box in the alley.
I just had at it without reading anything and it was overwhelming. I assure you that after all these years I won't get into a difficult situation like that without any proper info and good forms to file.
Some folks just file as fast as they can to get it over with. They loose out on a bunch of legitimate deductions and allocations that could have saved them a ton of money at tax time.
I would rather be getting a nice tax refund than pay the IRS a lot of money. Pay attention to the details.