Effective January 1, 2020 - New W-4 form
There's a new W-4 form effective January 1, 2020, which significantly differs from previous versions. The W-4 is a required document that every new employee needs to complete so employers can properly withhold the correct amount of tax to submit to the IRS.
There's a new W-4 form effective January 1, 2020, which significantly differs from previous versions. The W-4 is a required document that every new employee needs to complete so employers can properly withhold the correct amount of tax to submit to the IRS. In previous years, employees would select the number of dependents, which would dictate the tax rate. The 2020 W-4 form no longer allows employees to claim a number of dependents, but instead a dollar amount. Additionally, it includes other income such as income made by working multiple jobs. The purpose is to determine your tax rate based on income.
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