W-4 Printable 2022 – 2022 W4 Form – The W4 form is a paper that is used to report tax information issued by the Internal Revenue Service (IRS). The document is formatted with a title of ‘Employee’s Withholding Certificate’ and it informs about the tax amount which employers have to withhold from the employee’s every single paycheck. This form is used by employers to report certain tax-deductible income to IRS on behalf their employees.
The employee must provide their personal details. This includes their full name, address, and Social Security Number (SSN). This is due to the fact that the withheld tax is contributed towards the annual income tax bill which is submitted each year to file tax returns.
Employees do not need to submit a new version of W4 every year as long as they work for the same company. If they have recently experienced major life changes that have impacted the tax burden, it could be necessary to revise the form on the W4.
W4 Form Major Adjustments
W-4 Printable 2022 – The W4 form went through a major overhaul in 2020. Here’s a rundown of the adjustment form that appeared before 2020:
- It states the number of claimed allowances;
- It displays the tax amount omitted from the employee’s salary.
- It allows the taxpayer to use separate worksheets to calculate allowances numbers that are viewed as burdensome.
It was originally divided into seven sections, however, it was rearranged to five sections. The major sections now are divided into three sections. The main points of the document were the same, however the details of personal information for taxpayers were not.
In general, lots of people found the new form more understandable, in large part since it’s the purpose of the upgrade. It also necessitates the taxpayers to only complete the sections applicable to their particular situation. The revised form of W4 still enables the taxpayer to claim status of exemption, provided that eligibility criteria are fulfilled.
How to Complete the New W4 Form?
W-4 Printable 2022 – Below are the five steps that must be performed to complete the W4 form:
- Step 1 – Enter the taxpayer’s identifying information such as name, address and SSN.
- Step 2 – Identifying the circumstances that could suggest that taxpayers should take tax withholding less than or over the standard amount. This may include their work status (freelance, second job) or another factor such as spouse’s income.
- Step 3 – Counting the dependents of taxpayers, like children.
- Step 4 – This section is filled out by the taxpayer at their discretion. It lets them specify other reasons for withholding taxes that are higher or lower than the standard amount. It is also possible earn passive income through investment or rental properties that will increase their tax-free annual income as and the amount of tax due.
- Step 5 – Make sure you sign the tax return.
The steps outlined above will inform taxpayers of the process for filling out the form W4. After the adjustments have been made, taxpayers should be able understand the W4 form better and be able to fill out the form more accurately and to report the tax withheld.