This form tells your employer how much federal income tax withholding to keep from each paycheck. This form is crucial in determining your balance due or refund each tax season. There are a few nuances when it comes to filling out IRS Form W-4 for a new job.
Do you need a W4 if you start a new job?
When you start a new job, your new employer will ask you to complete a Form W-4, which tells them how to calculate the federal withholding tax for your paycheck. Filling out this form might seem like another routine part of onboarding but take some time to go over the instructions.
When should I complete a new form W4?
Complete a new Form W-4 when changes to your personal or financial situation would change the entries on the form. For more information on withholding and when you must furnish a new Form W-4, see Pub. 505, Tax Withholding and Estimated Tax. Exemption from withholding.
