According to the IRS, if you are employed you need to fill out the tax form W-4.
Purpose of the W-4 Form
Through the W-4 form the employers get a clear idea about the amount of money they need to withhold from the employee’s paycheck.W-4 form serves as a proof that the company is withholding money from employee paychecks for taxes.
The Requirements for businesses
- Every business is suppose to have a W-4 IRS form
- When business recruits the employees they are suppose to ask about the W-4 IRS form
- The company is suppose to submit the W-4 forms to IRS upon request
The advantage of filling W-4 Form for employees
The W-4 IRS tax forms will ask employee the following questions in order to help them determine how much money should be withheld from their paycheck:
- Employees dependents
- The Marital Status
- Status in the household
- Do they have child-care payments worth over $1,500?
Sometimes enough money isn’t withheld from your paychecks during the year. You can add any amount you want on the W-4 IRS tax forms to fix this. You can send payments directly to the IRS if you’d rather do it yourself. If you have any extra income or any investment; you may be required to send these payments in yourself, despite any allowances you made have claimed on W-4 IRS tax forms from various employers.
What we offer?
If you are unable to understand the method of filing the W-4 form, you should feel free to contact the professionals at Tax Help MD.