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3 Cards in this Set
- Front
- Back
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W4 formula |
Elements for the formula: - EE Wages - Pay period frequency - Marital Status - Withholding allowances |
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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. |
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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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