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Important Tax and Employment Forms to Know

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1 Important Tax and Employment Forms to Know

2 Form W4 What does it stand for?
Employee’s Withholding Allowance Certificate What is it? A government form filled out for new employment What is the purpose of the W-4 form? To tell the employer how much he/she wants withheld for federal income taxes. Employee decides how many withholding allowances he/she wants.

3 When do you get a W-4 form? New employment/starting a new job When tax situation changes. What is done with the W-4 once it is filled out? Cut off the bottom half of the page and give it to your employer. Miscellaneous W-4 Info. The more exemptions that are claimed, the less money that is withheld. Can claim exemptions for: yourself, your spouse, your children, and any other dependents. Claiming “0” = the most money being taken out.

4 Can’t claim someone if they are claiming themselves
Can’t claim someone if they are claiming themselves. (Example- Can’t claim your spouse if they claim himself or herself on their W4. Most children/teens are being claimed by a parent so that child can not claim themselves). Any event that causes information in the form to become obsolete, then you should file a new W-4 with your employer. (Example- having a child, getting married/divorced). If you don’t fill out a W-4 form when you start a new job, your employer is required to classify you as single with no allowances.

5 *If you falsely claim too many deductions in order to
lower your taxes, you could be subject to a $500 fine. *If you have more than one job, make sure you claim zero allowances at your second job.

6 Form W-2 What is Form W-2? A basic wage and tax statement used by employers for reporting income received and taxes paid by their employees. What is the purpose of Form W-2? Tells the employee how much was earned and how much was withheld for taxes during the year. Provides a statement of earned wages, tips, and other compensation from the previous year. Reflects state and federal taxes, social security, and Medicare wages.

7 When do you receive Form W-2?
Must receive it from employer at the beginning of the year (in January). If you don’t receive it by January 31st, you must ask your employer for it. How many do you get? A separate W-2 is given for each employer you worked for

8 Miscellaneous W-2 Info. Make sure the social security number on your W-2 matches your actual social security number. Change of address – Be sure to tell anyone that employed you so can receive all your W-2’s

9 Form CT-W4 What is it and what is its purpose?
Provides your employer with the necessary information to withhold the correct amount of CT income tax from your wages to ensure that you will not be under withheld or over withheld. Must complete it in order for employer to withhold CT income tax. Expected to pay CT income tax as income is earned or received during the year. If your situation changes - complete a new Form CT-W4

10 I-9 Employment Eligibility Verification Form
What is an I-9 Employment Eligibility Verification Form and its purpose? Form required by the United States Justice, Immigration and Naturalization Service. Purpose - to verify an employee’s identity and eligibility to work in the United States. New employees must complete the form and give it to their employer. The form must be completed within 3 days of the date employment begins.

11 How is the form completed?
The employee completes and signs Section 1 of the form. Form is submitted to employer with valid identification. Valid documents for proof of identification and of employment eligibility are categorized in three lists. You may submit: 1 document from List A, or 1 document from List B and 1 document from List C. Employer completes Section 2. Employer examines your documents and fills out the required information.

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