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W4 formula
Elements for the formula:
- EE Wages
- Pay period frequency
- Marital Status
- Withholding allowances
Exempt form W4
Ee can claim exempt IF:
- had no taxes last year and none are expected this yr.
- earn less than standard deduction and Its not a dependent
- not exempt FT student and a dependent may not be exempt if earning 1050 w 350 unearned income
-exempt ee must refined e/ yr.
W-4 & Employer Responsabikity
1. W-4 is complete
2. Withhold as claimed. Follow what the w-4 states
3. IRS regulations say ER should remind ee by 12/1 to submit revised W-4 if marital status or dependents changes
4. Record keeping. W-4 for at least 4yrs from. Ee Last personal tax return form 1040
5. Submitting W-4 to the IRS if requested.
6. Lock-in letters.
7. Checking forms claiming exempt status. False info on w-4 =penalty
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