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Frequently Asked Questions

What is tax form W - 4?

The W-4 Form is the IRS document you complete for your employer to determine how much should be withheld from your paycheck for federal income taxes and sent to the IRS. Accurately completing your W-4 will help you avoid overpaying your taxes throughout the year or owing a large balance at tax time.

What is a W 4 allowance?

Your federal income tax withholding is largely based on the amount of allowances you claim on your W-4. Specifically, each allowance gives you an amount, which reduces the amount of your pay that is subject to withholding. The Internal Revenue Service allows you to claim dependents as allowances on your W-4.

How do you calculate Federal withholding?

Follow the instructions listed below to calculate federal withholding using the percentage method. Step 1- Refer to your Form W-4 to determine your filing status and how many personal allowances you are claiming. Step 2- Locate the amount of gross pay on your pay stub. Step 3- Use IRS Publication 15 (see Tax Tables) to locate your tax liability.

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