For many new grads and other people entering the workforce for the first time, filling out new hire paperwork can be confusing—what’s a W-4, anyway? New employees should ensure they understand their tax situation and do some planning now, so they’re in good shape at tax time next year. It’s important to know the correct amount of [...]
Employees may need to give you an updated Form W-4 if they have any of these changes: filing status on a tax returnnumber of jobs worked during the yeardeductions or credits
Many don’t understand withholding or the form Payroll pros have heard a lot about the recently revamped W-4 by now. But most of your employees aren’t in the same boat. In fact, the form might not even cross their minds. A new survey from the American Institute of CPAs (AICPA) confirms what you may already [...]
2020 Form W-4: Latest changes from the IRS & how to prepare Details on handling multiple jobs and exemptions If you ask the IRS, the revamped 202 Form W-4 will make employees’ federal income tax withholding “more accurate.” But to employees, a better description of the new form might be “more confusing”. And who’s going [...]
IRS releases draft instructions for 2020 withholding On the heels of the first draft version of the 202 Form W-4 comes a brand-new draft of the form’s updated withholding tables. The IRS just released an early draft of Publication 15-T, Federal Income Tax Withholding Methods, with the info Payroll needs to accurately withhold taxes next [...]
IRS’ new Form W-4 revealed: What Payroll should do next A section-by-section look of anticipated 2020 form The wait is over: The IRS has just released its first draft of the revamped Form W-4 for 2020 and, as expected, it’s much more detailed than past versions of the form. The new form takes all the [...]
More employees underwithheld for 2018, says IRS: How Payroll can help Over one-fifth of workers may now owe taxes to IRS Underwithholding taxes from employees’ pay is a significant problem, and it’ll likely get worse going forward. According to a report from the U.S. Government Accountability Office (GAO), the percentage of Americans who aren’t withholding [...]
Form designed for more accurate withholding The latest draft version of the new 2019 Form W-4 has many changes due to the Tax Cuts and Jobs Act. Although the final form isn’t ready just yet, it’s important to get a heads-up on what’s coming. Here’s a rundown of the updates so far. [...]
IRS definition of ‘first date of employment’ The wait is finally over! The IRS has just issued its new Form W-4 in response to the changes made by the Tax Cuts and Jobs Act. Here’s a rundown of what Payroll needs to know. Changes to boxes For starters, you [...]
