Printable 2022 W-4 – 2022 W4 Form – In 2020, the form W-4 has been completely revamped and contains fewer lines. How you fill out Form W-4, also known as the Employee’s withholding Certificate, determines the amount tax your employer withholds from your pay. Your employer is the one who sends the tax that is withheld from your paycheck to the IRS and includes your name and Social Security number.
Your withholding counts toward paying the tax bill for your annual income which you will calculate when you file your tax return for the previous year. This is the reason that the Form W-4 asks for identifying information, such as your name, address as well as your Social Security number.
What is a W-4 Form?
Printable 2022 W-4, W-4 forms are the IRS forms that you must fill out for your employer. This form allows your employer to decide what percentage of your wages should be withheld on your paycheck to pay federal income taxes. The form is then submitted to the IRS. You are able to avoid paying too much in tax or owing a significant amount of tax due by accurately completing your W-4.
The first day of a new job is the time when many taxpayers sign a tax form and wonder “what is a w-4 forms?” If this is your situation, you’re not alone. Many taxpayers aren’t sure of what the W-4 form, or how it affects your taxes. Maybe you take an educated guess on how to complete it or perhaps a trusted friend has advice.
What’s Changed in the W-4?
Printable 2022 W-4 – The W-4 was revised to make it clear that you are not eligible for making personal allowances. The Form W-4 was previously accompanied by Personal Allowances Worksheets that was a guide to figure out how many allowances you could claim. Employers withhold less from your salary when you request more allowances. However, a smaller amount of allowances may be claimed and your employer will withhold more.
Prior to that, allowances were loosely tied to personal and dependent exemptions claimed on your tax forms. The standard deduction was doubled as a result of the Tax Cuts and Jobs Act (TCJA) in which personal and dependent exemptions were cut off.
What Should I Do If I Get a New Job?
In the above paragraph, when you begin a new job, everyone must complete an updated Form W-4. It doesn’t impact the amount of your wages which will be paid to Social Security or Medicare. These are fixed amounts.
Your employer can still give you a check even you don’t submit a W-4. However, they’ll take income tax withholding at the highest rates for single filers, and make no other adjustments.