Transcript How to fill out the W4 Form

YOUR WITHHOLDING TAX
How to Complete a W-4
Form
Jane Wells
TST - BOCES
WHAT DO YOU KNOW ALREADY?
A W-4 pre-test…
2

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?
What is a W-4 form?
It’s a way to tell your employer how much pay
you want withheld for your income tax.
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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
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Where can I find a W-4 form?
From your employer
OR…
5
Where can I find a W-4 form?
…download one from the
IRS website…
http://www.irs.gov/
6
How do I complete a W-4 form?
Follow these easy directions…
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Complete lines 1 & 2…
Provide your name,
address, and Social
Security number…
8
Complete line 3…
Check box for marital
status
9
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”
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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
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How do I figure how many
allowances to claim?
Complete lines A through G…
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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…
13
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
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– but you will get $ back later…!
15
NO
Am I EXEMPT from paying taxes?
You cannot claim exemption from withholding if:


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(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.
If you are ‘exempt’ from paying
taxes…
YES
Skip lines 5 & 6, complete line 7!!
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.
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Don’t forget to…
Print, sign, and date the
form…
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You are done !
Give the completed W-4
form to your employer.
Your employer will
complete lines 8, 9, 10.
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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?
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Your homework assignment…
1.
2.
3.
4.
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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!