filling out the w-4 independent living october 14, 2015
DESCRIPTION
Parts to the W-4 Personal Allowances Worksheet “Allowances” means: Employee claimed exemptions that don’t have to be subtracted from your paycheck The more allowances you claim, the less you pay in income taxTRANSCRIPT
Filling out the W-4Independent LivingOctober 14, 2015
Purpose of the W-4• Used by your employer to withhold the proper
amount of federal income tax from your paycheck• Employees fill out W-4 and the employer
calculates the amount of withholdings from there.
Parts to the W-4• Personal Allowances
Worksheet • “Allowances” means:• Employee claimed
exemptions that don’t have to be subtracted from your paycheck • The more allowances
you claim, the less you pay in income tax
Parts to the W-4• W-4 Form itself:• Information on you and your allowances will be listed
here.
Scenario 1:• Lance Cole is a store manager at Buckle in Bellevue
Square and this is the only job Lance has at this point. Lance is single and has no children. He is a United States Citizen and is a recent college graduate. Lance’s Social Security Number is 509-72-5061 and his address is 804 NE 6th PL, Kirkland, WA 98062. He is asking his employer to withhold an extra $75 for retirement. • Fill out the W-4 form with the appropriate information
in regards to Lance’s situation as listed above.