What Is a W-4 Form?

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A W-4 form is filled out for a new employer to calculate how many exemptions the employee is claiming, which determines how much is withheld from each paycheck. Fill out a new W-4 form for each new job with information from an IRS tax agent in this free video on personal finance.

Part of the Video Series: Paying Taxes
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Video Transcript

This segment we're going to talk about a W-4 form. This is a form you must fill out for your employer telling them how many exemptions you are claiming. Thus how much to withhold from your payroll. The actual withholding is the only amount effected by the W-4. Any other deductions are a percentage of your pay. And are done on a regular schedule. Do not go exempt unless it's a very small job, and you have withholding from some other bigger job. When you go exempt, it means there is no withholding, that means you haven't paid anything in towards your taxes. And you're going to have to pay it by April 15. That could be very bad news sometimes. Thank you.

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