• If you work one job or hold the highest paying job in your family and you have dependents, claim your dependents in Step 3 of the new form. This will adjust your withholding by accounting for the tax impact of the Child Tax Credit and the Professional Bookkeeping Online Bookkeeping Services other dependents credits. Use the worksheets provided by the IRS to help calculate your deductions and your tax withholding when you have multiple jobs. You can also use the IRS Tax Withholding Estimator, which is available at /W4app.
Different than when you filled out W-4 forms in the past, you’ll have to fill out your W-4 with your combined income in mind, including self-employment. Otherwise, you may set up your withholding at too low a rate. You’ll need to enter the number of pay periods in a year at the highest-paying job on line 3 of the Multiple Jobs Worksheet—for example, 12 for monthly, 26 for biweekly, or 52 for weekly. Divide the annual amount on line 1 (for two jobs) or line 2c (for three or more jobs) by the number of pay periods. Enter this figure on line 4 of the Multiple Jobs Worksheet and line 4c of Form W-4.
How To Fill Out a W-4 Form for a New Job
• As before, you’ll need to provide your first and last name, Social Security number, home address, and filing status (Single, Married Filing Separately, Married Filing Jointly, or Head of Household). For your tax filing status, check only one of the three boxes. This form is for your employer, to make sure you are withholding income correctly to pay your taxes. If you forget to submit your W-4 in time for the end of the year, the IRS will treat your income like that of a single person without any withholding allowances.
You can use the W-4 form to reduce your tax burden, as well. To do this, decrease the figure that affects your withholdings. That includes additional withholdings indicated in line 4(c), as well as non-job related income identified in form 4(a).
STEP 2: MULTIPLE JOBS OR SPOUSE WORKS
The most recent W4 comes with 5 sections and 5 steps to fill it out. Learn about other key documents you’ll need to fill out for the 2022 tax season with our new https://simple-accounting.org/how-to-do-accounting-for-small-business-basics-of/ video series. You may want to use last year’s taxes as your guide, or reach out to a Tax Pro who can help you get this right and avoid a surprise tax bill.
- Here you simply complete the boxes with your name, address, social security number, and tax filing status.
- You may also want to speak with a tax professional to get advice on how to maximize the benefit of the deductions and credits you are claiming.
- Claiming 0 allowances means more tax will be withheld in each paycheck, which can reduce the chance of owing a large amount of taxes when filing.
- How much federal and state tax an employer withholds largely depends on earnings and how the Form W-4 is filled out.
- If you have a question, check this list of frequently asked questions about the form and information on how to complete it.