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YOUR WITHHOLDING TAX

YOUR WITHHOLDING TAX. How to Complete a W-4 Form. Jane Wells TST - BOCES. 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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YOUR WITHHOLDING TAX

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  1. YOUR WITHHOLDING TAX How to Complete a W-4 Form Jane Wells TST - BOCES

  2. 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?

  3. What is a W-4 form? It’s a way to tell your employer how much pay you want withheld for your income tax.

  4. 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

  5. Where can I find a W-4 form? From your employer OR…

  6. Where can I find a W-4 form? …download one from the IRS website… http://www.irs.gov/

  7. How do I complete a W-4 form? Follow these easy directions…

  8. Complete lines 1 & 2… Provide your name, address, and Social Security number…

  9. Complete line 3… Check box for marital status

  10. Complete lines 5 & 6… Insert the number of dependents you will claim. BUT… If you are under 18 and you are already claimed by another person, you must claim “0”

  11. 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

  12. How do I figure how many allowances to claim? Complete lines A through G…

  13. 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…

  14. 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

  15. – but you will get $ back later…!

  16. NO 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.

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

  18. Don’t forget to… Print, sign, and date the form…

  19. You are done ! Give the completed W-4 form to your employer. Your employer will complete lines 8, 9, 10.

  20. 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?

  21. Your homework assignment… • Go to http://www.irs.gov/ • Download a W-4 form. • Complete the W-4 form. • Submit completed form to your teacher for a grade!

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