You fill out this form every time you need to make changes to the amount of tax withheld from your paycheck. For example, when you are hired, your family situation changes, or you take out a loan with tax deductible interest, the math is different. Based on the information you provide in this form, your employer will calculate the take-home amount for your paycheck.
Most likely, you will have to fill out the W-4 form multiple times when switching jobs or making tax withholding adjustments. So, it's better to fill it out once and store for future use. You can add information to this form on any iPhone, iPad or Mac using the advanced productivity tool PDF Expert.
Follow these simple 6 steps to fill out Form W-4:
- Misspelling your name or SSN in the W-4 form will most likely result in your employer rejecting it; so make sure the information is entered correctly.
- Proper calculation of the number of deductions is extremely important to avoid surprises during the tax season as you may end up owing money to the IRS. On the other hand, if you overreport your deductions, you will end up with a smaller take-home amount in your paycheck, but a larger tax refund at the end of the year which is like giving the IRS a free loan.
- Make sure you select the correct marital status box as it will also affect the amount of tax withheld from your paycheck.
Hopefully, these guidelines help. Keep all the forms in one place, for example in PDF Expert on your iPad. This enables quick access whenever you need them.
Once again, make sure you provide accurate information on your W-4. If you are unsure of some items, check them with your financial adviser.