Form W4 is what employees are going to use to adjust the taxes withheld from their income. Form W4 fillable PDF allow employees to get this done quickly and furnish their employers with an electronic or paper copy.
The purpose of Form W4 is to provide what the employer needs to know about the employee’s anticipated tax return. The W4 was previously known as the Employee’s Withholding Allowance Certificate. Starting from 2020, employees are no longer going to claim allowances on Form W4. Instead, the new edition of the form asks the employee to enter information about the following.
- Personal Information
- Filing Status
- Multiple Jobs
- Spouse Works
- Anticipated Credits for Dependents
- Anticipated Deduction Amount
- Income Outside of Jobs for Withholding Tax
- Extra Withholding
Your employer will use the above information provided on your W4 to withhold tax accurately.
Fill Out a W4 Online
Form W4—Employee’s Withholding Certificate can be filled out online with the fillable PDF. Filling out a Form W4 with the fillable PDF is completely free to use.
This is not a replacement for e-filing though. Since you aren’t going to file this tax form to the IRS, there is no need for e-file. You will simply hand the filed W4 over to your employer. Click the link below to fill out a W4 on your computer, tablet, or smartphone.
To furnish a copy of your W4 to your employer, you can print out a paper copy or e-mail/upload it as a PDF file. However, since your signature is also required, make sure to enter your e-signature or print out a paper copy, sign it and scan it to upload to your computer. You learn how to e-sign documents on your computer from here.
Why taxes are withheld from my income?
The federal law requires taxpayers to pay their federal income taxes gradually during the course of the tax year. You can think of withholding tax as paying taxes little by little rather than making one big payment. This will be easier after all.
If you don’t want the tax to be withheld from your income, know that withholding tax isn’t optional. Regardless of how much you’re earning, your employer will withhold tax from your income and forward it to the IRS. You will get the excess amount paid through withholding when you file a tax return—with your refund.
What if I don’t file Form W4?
In the case of an employee who doesn’t file Form W4, taxes are going to be withheld considering the employee is single with no dependents and only the standard deduction on the tax return. Therefore, at the highest single rate. This will result in way less take-home pay if the employee were to file a Form W4.
Where are allowances on Form W4?
Form W4 went under some changes in 2020. The allowances found on previous versions of Forms W4 have been removed and replaced with basically the worksheet to figure out the number of allowances to claim. On the new Form W4, you will enter information about your anticipated federal income tax return and income.
Is there a penalty for withholding less tax?
Yes. You will pay an underpayment penalty if the total amount of tax withheld during the tax year is less than 90% of your tax liability. For example, if you owe $10,000 in taxes and pay $6,000, you will pay 3.39% in extra of the underpayment. But, this penalty is reduced if you pay your remaining tax liability before April 15.