W-4 Form is possibly the most important Form that you need to file once you get a new job or after there are changes to your salary. Other things that may require you to file a new W-4 Form include getting married, having a child, divorcing, or having a second job.
So if you’ve got any changes to your life but haven’t filed a new W-4 form, you can download and print a copy of it from the link below from the Internal Revenue Service website. Once in every two or three years, the form gets a revision so we recommend printing it directly rather than keeping a copy of it on your computer.
The focus of the form is entirely about how much your employer will withhold from your paychecks to pay your annual income tax. This is because the IRS requires you to pay your taxes on your income throughout the year gradually.
What Happens if You Don’t File W-4 Form
If you don’t allow your employer to withhold tax from your paychecks, you may owe a surprisingly large amount to the IRS. Also, if you withhold too much tax, you will be basically giving the government an interest-free loan where you could use that money to supplement your monthly budget. You may think you will be doing a favor but you won’t be getting your money back till your tax refund arrives.
Another thing is that the IRS form W-4 has a Personal Allowances Worksheet so that you can figure out how many allowances to claim. Filling out the worksheet with the most correct answers will determine the right amount of money that will be withheld from your paycheck.