W-4 2022 Printable Form – 2022 W4 Form – The W4 form is a paper that is used to report tax information issued by the Internal Revenue Service (IRS). This document is called the “Employee’s Withholding Certificate”. It informs employees on how much tax they need to withhold from their paychecks. The employers use this form to determine and report certain taxes taxable income to IRS on behalf of their employees.
The form requires employees to fill in their personal details that includes their full name, Social Security Number (SSN) and address. The reason is that the tax withheld is added to the annual income tax bill, which is submitted each year for tax return purposes.
Employees do not need to submit a new version of W4 every year so long as they are employed for the same company. If they have recently go through major life changes which affect their tax obligations, they may need to update the document.
W4 Form New Major Changes
W-4 2022 Printable Form – In 2020 the W4 form undergone a major overhaul. Here’s a rundown of how the adjustment form prior to 2020 form was portrayed:
- It states the number of allowances claimed;
- It displays the amount of tax that is deducted from the employee’s salary.
- This allows taxpayers to utilize separate worksheets for calculating allowance numbers, which is most often thought to be cumbersome.
It was initially split into seven sections but it has been reduced to just five sections. The main sections are now in three sections. The main points of the document remained identical, but the taxpayer’s personal data details were not.
The new form is much easier to understand for most people, in large part because that is the purpose of the upgrade. Taxpayers only have to complete the sections relevant to their particular situation. If the eligibility requirements are fulfilled, the taxpayer may still benefit from exemption on the adjusted W4.
How Do I Complete the W4 Form
W-4 2022 Printable Form – These are the steps you need to follow to complete your W4 form.
- Step 1 – Entering taxpayer’s identification personal information, such as name, address, SSN, and the status of filing (single, married, or head of household).
- Step 2 – Identifying the circumstances that lead the taxpayers to withhold their taxes less or more than the normal amount including their work status (freelance or second job) or other factors like spouse’s earnings.
- Step 3 – The dependents of the taxpayer, for example, children.
- Step 4 – This section is filled out by the taxpayer at the discretion of the taxpayer. This section allows taxpayers to provide other reasons to withhold taxes higher or lower than the amount they are currently paying. There is also the possibility earn passive income through rental or investment properties that could increase their taxable annual income, as along with the amount of tax owed.
- Step 5 – Complete the tax return.
The explained five steps above explain to taxpayers the process of completing the W4 form. After it has been through adjustments, they should be able to comprehend the format better and this means they are able to complete the form and report their tax withholding amounts more precisely.