Just Released for 2020!
Stock Up on Required Form W-4
The Internal Revenue Service (IRS) requires every employee to complete Form W-4 before he or she may claim withholding allowances on income tax returns. New W-4 forms must also be completed whenever an employee’s tax status changes, such as with the birth of a child or a change in marital status.
Maintaining a current W-4 Form on each employee is required by the IRS Keep a supply for new hires and employee changes
Product Specifications: Size: 8½" x 11" Sold in Packs of 50
What’s new for the 2020 Form W-4?
The updated Form W-4 is called the CHANGES: . “Allowance” has been removed from the name because there are no longer any withholding allowances – Formerly Box 5. Both the form – and instructions for completion – are up to a full page. Additionally, under Step 4 (B), which is the Deductions Worksheet, the percentage of medical expenses that may be included when estimating 2020 deductions changed from in excess of 10% of income to 7.5% of income. Employee’s Withholding Certificate
REASON: The new form better incorporates changes led by the , which permits employees to more precisely estimate the amount of tax they ask their employers to withhold from their paychecks, beginning in 2020. Tax Cuts and Jobs Act
IMPACT: Employees who have submitted Form W-4 in any year before 2020 are not required to submit a new form merely because of the redesign. Employers will continue to compute withholding based on the information from the employee’s most recently submitted Form W-4.