How to use the W4 form - Some Tips - PAGE 1
For Downloading and Printing
The form needs to be filled in for your employer so that he/she will know how much money to take out weekly or by pay dates for your taxes. This is where your taxes pass essentially from you to your boss to the IRS.
It is the federal income tax from your pay check. The Internal Revenue Service suggests a new form to be filled out yearly or at a pay change.The form has a method for filling it out if you are exempt and the instructions are included.
See Publication 505
When or if someone is claiming you or can claim you as a dependent on their tax return, then you can't claim exemption from withholding if your income is more than $950.00 and includes more than $300.00 in unearned income such as dividends or interest.
For those who are not exempt, there is a Personal Allowances Worksheet to fill out on the form.
Certain tax credits, itemized deductions, adjustment to income or a two earner (multiple jobs) situation has considerations for them..
You can claim zero or fewer allowances, but you still have to fill out the worksheets.
There are instructions for children of the dependants and head of the households and how to file for that.
If you have large amounts of unearned income, the Form W4 instructions suggests that you might consider making estimated tax payments using the Form 1040es.
If you have more than one job or both you and your spouse are earning, it is suggested that it is better to take deductions for children from the pay check with the higher income.
After your Form W- 4 takes effect, see a current IRS Publication 919 (20 pages of PDF file) especially if your earnings exceed $130,000 single and $180,000 married.
To download a printable I R S Form W-4
Click on the link that is just above this line.
Carefully read and understand all of the instructions on the form.
Some folks feel that they want to file a volunteer withholding request.
They file the Form W4V.