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About W4 Tax Withholding Forms

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From Quick Guide: Federal Exemptions Checklist

Summary: A W4 tax form is the formed filled out by new employees that informs the employer of how many deductions and withholdings to take out of the employees check each week. Avoid taking all available deductions on a W4, as it may end up costing you money during tax season, with advice from a tax consultant in this free video on taxes.

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By Ken Lewellyn
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Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more

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Video Transcript

"Hi, we're here to talk about the W-4 form today. The W-4 is the form that you fill out when you start a new job which tells your employer how many deductions and how much withholding to take out of your check each week. The IRS has a worksheet on the W-4 if you can see they've got the worksheet here and then you can fill out the bottom section. The worksheet you fill in one for yourself and then if you have spouse, it's another one. If you have dependents, additional deductions. And you total them up down at the bottom and that's the number that you transfer down to the bottom section which you will turn in to your employer; however if you're not careful, you take all these deductions that you can, you're liable to end up at the end of the year owing some taxes so, I would caution you if you're going to take every one of these, make sure that you're not going to be leaving yourself liable for an excessive amount of taxes at the end of the year because I've seen it happen to a number of people."

eHow Article: About W4 Tax Withholding Forms

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