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About Form W-4, Employee’s Withholding Certificate Internal Revenue Service

November 30, 2022 by Monika Tyszkowski0

income tax withholding

If you’re a Paycor customer and still have unanswered questions, please contact your payroll specialist for more support. In case you haven’t heard, the W-4, or Form W-4 has been updated for 2023. And, the IRS is not requiring all employees to complete the revised form. One of the goals of the form was to make withholdings more accurate, meaning that you are less likely to underpay, but you’re also less likely to have too much withheld. There are hundreds of IRS forms, but, if your business has employees, two of the most important are Forms W-2 and W-4.

What do I do with my employees’ W-4s?

If you don’t receive a Form W-4 from your employee, you are required to withhold taxes as if they are single with zero allowances. Encourage your employees to read the W-4 form carefully and do their best to fill it out. If they have questions about their W-4, they should also consult with their own certified tax professional for help.You do not generally need to send copies of your or your employees’ Form W-4s to the IRS. However, in some cases the IRS may ask you to send them a copy for a specific employee, or they may send you a letter advising you of the maximum withholding exemptions for a specific employee(s). You must follow the instructions in these letters carefully, including complying by the required deadline and providing your employee with a copy of the “lock-in” letter.Have more questions? Here is a list of FAQs regarding W-4s and withholding.

Some states, however, kept the allowances section and use it instead of deductions, which is why they use a separate tax form. Employees can reduce their state income tax by taking a withholding allowance, so they may choose to fill out both state and federal W-4s. A W-2 form is a year-end tax document that you’ll fill out as an employer. Step 1 asks for identifying information (name, address, Social Security number, and withholding status (single, married filing jointly, etc.), while step 5 is the employee’s signature.

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https://www.bookstime.com/payers whose income is under $400,000 or $200,000 must multiply the number of qualifying children under 17 by $2,000 and any other dependents by $500 and enter those dollar figures on the form. IRS Form W-2, Wage and Tax Statement, is an information return that must be completed and filed by employers each year. Instead, it reports how much the employee was paid during the year and how much tax was withheld.

tax refund

If you have how to fill out w4 or a working spouse, complete Step 3 and Line 4 on only one W-4 form. To get the most accurate withholding, it should be the form for the highest paying job. Using payroll or HR software that has W-4 and W-2 capabilities is perhaps the easiest way to streamline your tax-form processes. Not only can you complete and possibly file forms on the platform , but also your employees can fill out their forms and access them later as needed. You must complete, distribute and file your W-2s no later than Jan. 31 for the previous year.

Additional Resources

The last step is to review the form once more, then sign and date it to certify that the information you’ve provided is true and complete. You should fill in a separate Form W-4 for every job you may have. Use Step 4 to instruct your employer to deduct additional tax. The higher the amount, the more your employer would deduct from each paycheck. An example of someone who would be likely to claim an exemption on their W-4 is a high school or college student who works a part-time job in the summer.

Besides sending the forms to the government, you also need to send each employee a copy of their W-2 by the same deadline of Jan. 31. If you use payroll or accounting software, you can send electronic versions of the form to your staff. Ultimately, higher withholdings will either result in a bigger tax refund or a lower tax bill for your employee at the end of the year. In other income, employees can report passive income from which they want you to withhold taxes.

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