Printable W-4 Form 2022 – 2022 W4 Form – The Form W-4 received a total overhaul in the year 2020. It now has smaller lines to fill out. The way you fill in Form W-4, the Employee’s Withholding Certificate, will determine the amount of tax your employer is withholding from your pay. Employers will forward the amount it withholds from your paycheck to IRS together with your Social Security number.
The amount you withhold is used to pay the annual tax bill that you determine when you file your tax return for that previous year. The Form W-4 requires you to provide identifying information such as your address and name.
What is a W-4 Form?
Printable W-4 Form 2022, The W-4 forms are IRS documents that you fill out for your employer. It allows the employer to decide on the amount to be withheld on your paycheck to pay federal income tax. The form is then submitted to the IRS. Making sure you are accurate in filling out your W-4 will allow you to avoid overpaying taxes throughout the year, or paying a large balance during tax time.
Most taxpayers complete the W-4 tax forms on the first day of beginning a new job. If you’re one of them however, you’re certainly not the only one. A lot of taxpayers aren’t aware of what a W-4 tax form is or how it affects their tax obligations. Perhaps you make a guess on the best way to fill it in or ask a family member for assistance.
What’s Changed in the W-4?
Printable W-4 Form 2022 – The latest version of the Form W-4 eliminates the option to claim personal allowances. The Form W-4 was previously accompanied by Personal Allowances Worksheet which allowed you to determine the number of allowances you were eligible to claim. The more allowances that you claim, the less an employer would deduct from your paycheck; the lesser allowances you claim, the more your employer will withhold.
Prior to the Tax Cuts and Jobs Act (TCJA), allowances weren’t tied to dependent or personal exemptions claimed on tax forms. The standard deduction then increased by a factor of the Tax Cuts and Jobs Act (TCJA) in which personal and dependent exemptions were removed.
What Happens If I Begin with a New Job?
As previously mentioned, when you are hired, all employees should complete a new Form W-4. It does not change the amount of your pay that will go toward Social Security and Medicare. The amounts are set.
If you do not submit a new W-4 and your employer does not, they will be able to pay you a check but will also withhold income taxes at the top tax rate applicable to single filers, without any other adjustments.