The IRS released a new easier W-4 form to simplify the process of determining how much income tax needs to be withheld from an employee's paycheck. The new form is now only 5 steps and aligns with your filing status, standard deduction, and tax rate. Even being a simpler form, there are some considerations to keep in mind when filling out the new W-4. 0:06 - What is a W-4 0:10 - About the New W-4 0:26 - Purpose of the New W-4 0:35 - Reasons to Increase Withholding 0:52 - Tax Penalties and Estimated Payments 1:08 - Additional Withholding 1:23 - Who Needs to Fill Out a New W-4
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Click here to read more about the W-4 and to use the IRS.gov tax withholding estimator Click here to visit the IRS.gov information page about the W-4
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