Monday, December 15, 2014

Adjust Your Withholdings

The W-4 Form determines the amount of taxes withheld from your paycheck.


Your employer's human resources department withholds a specific amount of money from each paycheck to pay your federal taxes. The exact amount that is withheld is dependent on the total number of allowances that you claim on the W-4 form. Because life events such as childbirth or marriage can change your allowances, you can adjust your withholdings whenever you need to. You simply need to re-submit a W-4 form to your Human Resources Department.


Instructions


1. Download the IRS Form W-4 from the IRS website. You can also get this form from your Human Resources Department.


2. Print your name, address and marriage status on the Employee Withholdings Allowance Certificate.


3. Enter the total number of allowances you are claiming. The Form W-4 comes with a worksheet to help you calculate the appropriate number of allowances for your situation.


4. Enter any additional amount you want withheld from your paycheck.


5. Sign the Form W-4 and return it to your Human Resources Department. They will update their records to reflect the correct amount of withholdings from your paycheck.