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, you should feel free to contact the professionals at Tax Help MD for W-4 form help.