Any new hire to a business is required to fill out the W-4 set of IRS tax forms. These tax forms let the business know how much to withhold for taxes, both federal and state. This amount is calculated by the number of allowances the employee indicates that they want to claim.
What’s On Form W-4?
The W-4 IRS tax forms are some of the first paperwork you fill out as a new hire. The top portion is for figuring out the allowances you want to take. The bottom portion of these tax forms is for entering information.
One of the first things to decide when filling out these IRS tax forms is how many dependents to claim. There are various selections, such as claiming yourself or claiming a spouse. You can also use this spot to claim any children you may have.
Another allowance you can claim is head of household. This usually means you’re unmarried and pay more than 50% of the cost of keeping up a home or dependents. Also, if you have child care that costs over $1,800, you can claim another allowance on your tax forms.
Below this section, you fill out your personal information. This includes your name, Social Security Number, date of birth, and other info. Here is also where you fill out exactly how many allowances you are claiming.
The second page of the W-4 IRS tax forms includes a worksheet to figure out your adjustments. There’s also a section to fill out if the employee has more than one job. Claiming more than one job can affect the amount of taxes withheld from your income.
Rare Considerations for New Employees
Though your new employer should provide all the paperwork you need, some state and local tax documents might be needed. Consider asking those offices if they require any additional tax forms for new employees. Also, you can check with your employer, as they may simply have forgotten to provide them.
Keep in mind not all states have state income taxes. Many towns and cities also don’t have local taxes. You may very well only need to fill out the W-4 IRS tax forms when filling out paperwork for a new job.