This form determines how much tax should be held back (withheld) in each of your paychecks so you don’t have to pay too much to the government at tax time.
The W-4 form considers the answers as you expect them to be at the end of the year and includes questions such as:
- Are you single or married?
- Do you have more than one job?
- Do you have a child or child care expenses?
How you choose to answer these questions will make a difference in the amount of money removed from your paycheck each pay period. If you have a large amount of money withheld, you’ll probably get some money back at tax time (a refund).
You can change your federal withholding at any time by filling out a new W-4 form and submitting it to your employer. The form can be downloaded here or obtained from your employer.
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