YOUR WITHHOLDING TAX

How to Complete a W-4 Form

Jane Wells

TST - BOCES

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WHAT DO YOU KNOW ALREADY?A W-4 pre-test…

What is a W-4 form and why is it important?

Where can I find a W-4 form?

How do I complete a W-4 form?

How do I figure how many allowances to claim?

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What is a W-4 form?

It’s a way to tell your employer how much pay you want withheld for your income tax.

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Why is a W-4 form important?

Make sure that you complete a W-4 form because, if not…

You will not be legally employed You will not be covered by Workman’s

Compensation

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Where can I find a W-4 form?

From your employer

OR…

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Where can I find a W-4 form?

…download one from the IRS website…

http://www.irs.gov/

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How do I complete a W-4 form?

Follow these easy directions…

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Complete lines 1 & 2…

Provide your name, address, and Social Security number…

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Complete line 3…

Check box for marital status

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Complete lines 5 & 6…

Insert the number of dependents you will claim.

BUT…

If you are If you are under 18under 18 and and you are already claimed you are already claimed by another person, you by another person, you must claim “0”must claim “0”

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How do I figure how many allowances to claim?

Next, complete the Personal Allowances Worksheet

It’s on the same page as the W-4

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How do I figure how many allowances to claim?

Complete lines A through G…

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How do I figure how many allowances to claim?

Now add the number of dependents you have claimed and write the total on line H…

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How do I figure how many allowances to claim?

You will probably claim either a ‘0’ or ‘1’

AND…

with “0”, the highest amount will be withheld

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– but you will get $ back later…!

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Am I EXEMPT from paying taxes?

You cannot claim exemption from withholding if:

(a) your yearly income exceeds $850 and includes more than $300 of unearned income (for example, interest and dividends,) and

(b) another person can claim you as a dependent on their tax return.

NONO

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If you are ‘exempt’ from paying taxes…Skip lines 5 & 6, complete line 7!!

If you earn less than $850 in the year and you have less that $300 of unearned income from interest, and no one can claim you as a dependent on their tax return, then…….

YOU ARE EXEMPT…

So, skip lines 5 and 6 and write “EXEMPT” on line 7.

YESYES

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Don’t forget to…

Print, sign, and date the form…

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You are done !

Give the completed W-4 form to your employer.

Your employer will complete lines 8, 9, 10.

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NOW WHAT DO YOU KNOW?Turn to a partner and explain…

What is a W-4 form and why is it important?

Where can I find a W-4 form?How do I complete a W-4 form?How do I figure how many

allowances to claim?

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Your homework assignment…

1. Go to http://www.irs.gov/

2. Download a W-4 form.

3. Complete the W-4 form.

4. Submit completed form to your teacher for a grade!