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Filling out the W-4 Independent Living October 14, 2015.

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Presentation on theme: "Filling out the W-4 Independent Living October 14, 2015."— Presentation transcript:

1 Filling out the W-4 Independent Living October 14, 2015

2 Purpose of the W-4 Used by your employer to withhold the proper amount of federal income tax from your paycheck Employees fill out W-4 and the employer calculates the amount of withholdings from there.

3 Parts to the W-4 Personal Allowances Worksheet “Allowances” means: Employee claimed exemptions that don’t have to be subtracted from your paycheck The more allowances you claim, the less you pay in income tax

4 Parts to the W-4 W-4 Form itself: Information on you and your allowances will be listed here.

5 Scenario 1: Lance Cole is a store manager at Buckle in Bellevue Square and this is the only job Lance has at this point. Lance is single and has no children. He is a United States Citizen and is a recent college graduate. Lance’s Social Security Number is 509-72-5061 and his address is 804 NE 6 th PL, Kirkland, WA 98062. He is asking his employer to withhold an extra $75 for retirement. Fill out the W-4 form with the appropriate information in regards to Lance’s situation as listed above.


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