W-4 2022 Printable Forms – 2022 W4 Form – The Form W-4 received a total overhaul in 2020 and now has less lines to fill out. The way you fill in the Form W-4 (Employee’s Withholding Certificate) determines how much tax your employer withholds from your paycheck. Your employer is the one who sends the tax that it withholds from your paycheck to the IRS together with your name and Social Security number.
Your withholding counts toward paying your tax bill each year that you compute when you file your tax return for the previous year. The Form W-4 requires you to include identifying information like your name and address.
What is a Form W-4?
W-4 2022 Printable Forms, W-4 forms are IRS documents that you complete for your employer. It allows the employer to decide on the amount to be withheld on your salary to pay federal income tax. The form is then sent to the IRS. You can reduce the amount you pay in taxes or being liable for a large amount when it comes to tax by filling out your W-4.
The first day of a new job, many taxpayers fill out a tax form and wonder “what is a w-4 form?” If this is you, you’re not alone. A lot of taxpayers aren’t aware of what a tax form for W-4 is, or how it impacts their tax obligations. Maybe you guess on the best way to fill it in or ask a friend to assist you.
What’s Changed on the W-4?
W-4 2022 Printable Forms – The latest version of Form W-4 eliminates the option to claim personal allowances. Prior to this the W-4 came with Personal Allowances Worksheets to determine how many allowances to claim. Employers withhold less of your pay in the event that you claim more allowances. However, a lesser amount of allowances can be claimed, and your employer is likely to withhold more.
Previously, allowances were loosely tied to personal and dependent exemptions that you claimed on tax forms. The standard deduction then doubled due to the Tax Cuts and Jobs Act (TCJA) which also saw the exemptions for dependents and personal exemptions were cut off.
What If I Start an Entirely New Job?
As mentioned above, when you begin a new job, each employee should fill out an entirely new form W-4. This will not affect the amount of wage which will be paid to Social Security or Medicare. These are predetermined sums.
If you do not fill out a new W-4, you employer will definitely continue to pay you but they will also withhold your income tax at the highest tax rate applicable to single filers, without any other adjustments.