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One of the documents that is required when working in the United States is the Form W-4 provided by the IRS ( Internal Revenue Service ). This form tells your employer how much federal income tax to withhold from your paycheck. By filling out the form correctly, you can avoid overpaying taxes and, conversely, avoid underpaying them. This article details how to fill out the 2024 Form W-4 based on the latest information available.
Purpose of Form W-4
Form W-4 is for the proper withholding of federal income tax from your pay. If not completed correctly, you may have to pay a large amount of taxes at the end of the year or many taxes may be over withheld. Be sure to file a new Form W-4 whenever your life events or income situation changes.
Filling Out Basic Information
First, fill out your basic information. This includes your full name, address, Social Security number ( SSN ), and marital status. For marital status, choose whether you are single, married ( whether your spouse is also working ) or a dependent parent.
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