Form W-4 is a tax document that employees fill out and submit to their employers when they begin a new job. It tells the employer how much to withhold from an employee’s paycheck for taxes. The more accurately an employee fills out the W-4, the less they will owe or be owed when they file their annual income taxes. Here are the steps to fill out a W-4 form:
- Provide your personal information, including your name, address, filing status, and Social Security number.
- Account for all jobs you and your spouse have.
- Claim your children and other dependents.
- Make any additional adjustments to your withholding, such as claiming deductions other than the standard deduction or requesting extra tax withholding.
- Sign and date the form and give it to your employers human resources or payroll team.
Its generally a good idea to review your W-4 at least annually and after events such as marriage, the birth of a child, a bonus, or buying a home. If you need to claim an exemption from withholding, you can still do that on the new W-4 form by writing "Exempt" in the space below Step 4(c). The total number of allowances you claim should be based on your filing status, how many jobs you have, and whether or not you have dependents.