2020 Brings Revised W-4 Form

SEP 13, 2019 by TRICIA PETTEYS

2020 will bring a newly revised W-4 form, which at a glance, may seem more daunting than the current version of the form. However, the goal is to streamline the information to make the estimation of calculations for withholding tax more accurate from employee-to-employ. The attached link from the IRS has some great FAQ's to consider.

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Form Highlights -

 

• Existing employees don't need to fill out a new form if they already have one on file (unless they want to).

• Allowances are no longer applicable since the tax code has changed.

• Filling out only the personal information and signing the form will figure your withholding based on your filing status standard deduction rates.

 

Please see the link for more detailed information.