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Being aware of the number of allowances you are claiming on a Form W-4 [Employee’s Withholding Allowance Certificate] is important for a variety of reasons. Most importantly, the number of allowances you claim on a W-4 determines the following;
You’ll need to follow four simple steps when filling out your W-4 Form:
The allowances you claim while filling out a W-4 if you are single will differ from the allowances you claim if you are married or have kids.
Yes, employees can submit a new W-4 form to their employees at any time during their employment. Have you recently started a second job, had a baby, or tied the knot? Life changes such as these should encourage you to update your W-4 withholding.
A great tool to help you while filling out a W-4 is the IRS Withholding Calculator, located on the IRS website.
Claiming zero allowances means less take-home pay, but a bigger tax refund during tax season.
The number you report on a W-4 will ultimately determine your take-home pay and your tax refund. Don’t write down any number. Take a few extra minutes to really assess your situation and fill in the W-4 accordingly. By doing so you’re less likely find yourself in a difficult financial situation.
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