Your W-4 is an important thing to get right because it ultimately decides how big your tax refund is – or if you owe the IRS money
If you are an employee, you pay income tax through withholding – tax money your employer takes out of your paycheck each pay period.
You can determine how much gets taken out by filling out Form W-4 [Employee’s Withholding Allowance Certificate]. If too much gets taken out, you will receive a refund when you file taxes. If not enough is taken out, you will have to pay the IRS.
You will be asked to fill out a W-4 when you start a new job. But you can also fill out a new W-4 any time if you wish to adjust your withholding. You should especially be sure to do so after major life events such as getting married or the birth of a new child.
How to Fill Out the Form
The first part of the form should be easy enough. It’s just your personal information: name, address, social security number, etc. Continue reading “Help Filling Out a W-4”