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Forms and Paper Work Taxes W-4 - Tax Form - Exercise
The first day of work you will be filling One form you will fill out the first day is the IRS W-4
out a lot of paperwork. Read everything tax form. You will be paying income tax to the federal
carefully and understand what you are government on the amount of money you earn each
signing. You will fill out forms to: pay period. The W-4 tells the employer how much tax
to take out of your check. Tax is based on the number
make sure you are legally qualified to of people you can claim as a dependent, and if you
work
qualify for additional allowances.
get paid properly with direct deposit
The W-4 form on the right has two parts, the
get benefits, if you qualify worksheet at the top, and the actual form at the
make sure you understand the job bottom. Answer the questions on the worksheet
agree to company rules. to figure out how many deductions you can take
and complete the form. You can get additional
instructions if needed by downloading the actual
form from www.irs.gov/pub/.
The fewer deductions you take, the less money you ©2017 Learnovation®, LLC
get in your paycheck. However, you will owe less
money (or may get money back) in taxes at the
Many companies will send you a packet of end of the year. For Evaluation Only
these forms before you start the job so you The more deductions you take, the more money you
can fill them out at home. You may also be will get in your paycheck. However, you may owe
able to download them from the company’s more in taxes at the end of the year.
website. Bring all completed forms with Line H in the worksheet is your total number of
you the first day. allowances, and is entered on line 5 in the form.
Exemptions - If you did not owe taxes last year and
Attitude Counts! you don’t expect to owe taxes this year, you may claim
Did you know most people who walk you are exempt, meaning you won’t have any tax
taken out of your paycheck. You usually do not take
out or lose their jobs do so in the an exemption unless you have low levels of income
first 1-3 days for attitude problems and have not earned enough money to pay taxes. Tax Now or Tax Later...
or a lack of cooperation? . . . Don’t You can fill out a new W-4 form whenever you want to If you don’t take enough tax out of each pay period, you will have to pay the
let it happen to you. change your deductions. Just ask your boss or payroll rest when you file your income taxes in April.
administrator for a copy.
