IRS requires every working citizen to file a W-4 form when they get a new job or when they get married, divorced, have a child or picking up a second job while working. The reason for that is these are the changes that are going to happen on how much tax you’re paying on an annual basis. The IRS form W-4 simply determines how much money will be withheld from your paycheck so that your employer can pay for it to the IRS.
Filling out the form correctly is crucial as if you were to withheld less, you may get a huge tax bill at the end of tax season. The opposite of this could be even worse as you won’t be getting any of the money you’ve overpaid to the IRS that exceeds your tax liability till your tax refund arrives.
So the importance of this form is very important and it must not be avoided.
Print W-4 Tax Form
Getting a blank copy of the IRS form W-4 is easy. The Internal Revenue Service offers all of the forms that are required to do tax duties on irs.gov.
The IRS form W-4 already comes with a Personal Allowances Worksheet so that you can determine how many allowances to claim. You must be correct with your answers so that your employer can have an easy understanding of your tax situation in order to withhold the right amount of money from your paycheck.
If you think you would be doing yourself a favor by withholding less money from your paycheck, think again as you may be subjected to a higher tax bill than you’ve expected when your tax bill arrives.
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.
When you hire someone new, W-4 Form is one of the many papers that your new employee must complete. The IRS Form W-4 makes sure that the employee’s Withholding Allowance Certificate. How the employee completes is entirely depends on how much you will withhold from their paychecks to the Internal Revenue Service along with their Full Name and SSN (Social Security Number).
The withholding will count toward paying their annual income tax bill when it’s time to file their tax return in April. This is the reason why W-4 Form asks more detailed questions than any other Form a new employee is subjected to. Since this form needs to be filed in the workplace, for the most part, you will need a printed copy of it.
When Employees File a New W-4 Form
In most cases, you don’t have to give your employees a new W-4 Form to file once you determine how much you’re going to withhold. Once the employee’s annual income changes, you can give them a new W-4 Form to submit.
Also, if your employees get married, divorced, have a child or pick up a second job, you are obligated to give them a new W-4 Form to file. As these are all tax-related subjects that can have an effect on the employee’s tax situation, you must oblige.
You can print W-4 directly from your browser by clicking the print button at the top right of the page.
We strongly recommend staying away from any imposter websites that are claiming to give you a copy of the W-4 Form or any other IRS Form for that matter as they are all offered without a charge from the IRS website.
The employees need to fill out the bottom of the first page and separate it from the rest so that you can keep the worksheets for your records.