Expedient Measures In Answering W4 Questions

The W4 form is basically a way of gauging how much federal income tax should be deducted (withheld) from your paycheck within one working year. This form is very different from Form 1040 or the Income Tax Return form, although most information can be seen in both forms. In case you want to take less complicated measures in answering the W4 questions, here are some tips on how to do so.

1.  Download the *.pdf form from the IRS website or any reputable online page. Some companies provide their employees a virtual copy of the W4 for easier access.
2.  Fill out all pertinent personal information like name, Social Security Number, address and civil status. This will be a lot easier if you have all the information right there with you. Also, try to simplify matters considerably. For example, if you are living with someone but not really legally married, then simply tick off the ‘single’ box. Fussing over minor details will only make your work harder for you.
3.  Calculating your withholding tax allowances may be as simple as checking your personal exemptions on your 1040. However, should you decide to deviate from the details of your income tax return, then try to use the IRS Withholding Calculator (http://www.irs.gov/individuals/article/0,,id=96196,00.html) for easier computation. You can also use the tables on the back of the W4 form.
4.  Go over your forms several times to ensure that the entries are correct before signing it and affixing the date.
5.  You need to submit the W4 form on the deadline your employer has set – and not the nationally set deadline. Your employer also needs to fill part of the W4 and submit this along with the W4 papers of the other employees.

December 16 2008 03:13 am | W4 Assistance

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