Internal Revenue Service tax form
The W-4 form is the IRS document that employees fill out to determine how much federal income tax should be withheld from their paychecks. Accurately completing the W-4 can help you avoid overpaying or underpaying your taxes throughout the year.
The key things to know about the W-4 form:
It is filled out when starting a new job, but can be updated at any time.
It asks for information like your
Completing Steps 3-4 on the form can help ensure the right amount is withheld, avoiding a big tax bill or refund.
The form was updated in 2020 to remove personal allowances and focus more on dependents and withholding adjustments.
It's a good idea to review your W-4 annually, especially after major life events, to ensure your withholdings are accurate.
By properly filling out your W-4, you can help make sure the right amount is withheld from your paychecks throughout the year, rather than owing a large balance or getting a big refund when you file your taxes.
Calculate the correct withholding for multiple jobs, you should:
1. Use the IRS Tax Withholding Estimator to determine the additional amount that should be withheld from your paychecks.The estimator will help you calculate the extra amount needed to cover taxes from your multiple jobs.
2. On the W-4 form, complete Step 2 to indicate you have multiple jobs. This will ensure your employer withholds the proper amount from your paycheck.
3. If you have a higher paying job, it's best to complete Steps 3-4 on the W-4 for that job, as this will be the most accurate for your overall tax situation.
4. You can also instruct your employer to withhold an extra amount on line 4(c) of the W-4 to cover taxes from your multiple jobs.
Here is a sample filled-out W-4 form
Sample Filled W-4 Form
Step 1: Enter Personal Information
- First name and middle initial: John
- Last name: Doe
- Social Security number: 123-45-6789
- Address: 123 Main St, Anytown USA 12345
- Filing status: Married filing jointly
Step 2: Multiple Jobs or Spouse Works
- I have multiple jobs or my spouse works (check this box)
Step 3: Claim Dependents
- Number of qualifying children under age 17: 2
- Number of other dependents: 1
- Total: $4,500
Step 4: Other Adjustments
(a) Other income (not from jobs): $5,000
(b) Deductions: $12,000
(c) Extra withholding per pay period: $50
Step 5: Sign Here
- Signature: John Doe
- Date: 07/12/2024
By filling out this sample W-4 form, John Doe is indicating he is married filing jointly, has 2 qualifying children and 1 other dependent, has $5,000 in other income, plans to claim $12,000 in deductions, and wants an extra $50 withheld from each paycheck. This information will help his employer determine the appropriate federal income tax withholding amount.
By properly accounting for your multiple jobs on the W-4, you can avoid over or underpaying your taxes throughout the year and ensure the right amount is withheld from each paycheck.
Resources:
Tax Withholding Calculator - Harvard Student Employment Office
About Form W-4, Employee's Withholding
[PDF] Form W-4 – 2024 - IRS
W-4: How to Fill Out the 2024 Tax Withholding Form
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