The New W4 - How to Assist Employees with Proper Completion for Payroll Withholding Purposes

OVERVIEW

In 2020, the IRS significantly revised the W4 form. Instead of employees simply completing the information about marital status and number of exemptions; they now have to calculate withholding to include additional amounts if they have a second job, a spouse with a job, or self-employment income. This was in response to what the IRS deemed a significant increase in liabilities owed by individual taxpayers at the end of tax years.

This took a lot of workers and payroll managers by surprise. Simple instructions became a complex maze of projections and calculations in order to compute the amount of FIT and SIT withholding from employee pay checks. So, join Mark Schwartz for this webinar, where you can learn to help employees complete this form.

WHY SHOULD YOU ATTEND?

• How employees are to complete each section of the W4 based on their personal circumstances
• When additional withholding should occur, and when it shouldn't
• What changes to payroll systems became necessary due to the W4
• Which existing workers should complete a new W4
• What potential problems employees and employers face for under-withholding FIT and SIT payroll taxes
• Which states accept the federal W4, and which have their own

AREAS COVERED

• The new W4 - step by step
  o Step 1: Personal info - including alternate relationships
  o Step 2: How to determine if it applies. When and how to use the estimator, multiple jobs worksheet or check box c
  o Step 3: Claiming dependents and calculating deductions
  o Step 4: Considering other income and/or deductions. Entering voluntary additional withholding amounts
• The multiple jobs worksheet with example
• The Deductions worksheet with example
• The withholding calculation chart with example
• Other W4 forms and explanations for when to use them
  o W4 P for pension and annuity payments
  o W4 V the Voluntary withholding request
• Form 1040 ES explanation
• IRS Notice 1392 for non-resident aliens
• States with their own W4 version
• Do you need to complete a new W4?

WHO WILL BENEFIT?

• Payroll and HR managers
• Compensation and hiring staff
• Finance and Operational managers
• Executive Staff