..Well, you can use me to spell all sorts of words! Like watermelon, wiggle, who, what, where, why, and elbow (i'm on the end of that one). Also worms, wowsers, whamma-lamma-ding-dong, wild, wisdom, worthless, whippersnapper, waffles, warble, weightless, wolves, wizardry, whisk, web, wooly, whatchamacallit, weird, whale, waterboarding, wafer, womanly, widget, wings, webpage, warmonger, wood-worker, western, whack, whollup, whopper, and whistle...
What is a W-4?
A W-4 is the IRS form you fill out to calculate and express to employers how much will be withheld from your pay for taxes through the year. Withholding is like a payment plan. If the amount is off you could be above or below what you need to pay.
It's a vital aspect in determining if you will owe or get a refund.
So, it is important to keep it up-to-date!
Okay. When & How Do I Update It?
You fill out a W-4 when you start a new job, but many forget about it after.
Major life events can trigger changes in your taxation such as (but not limited to):
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changing jobs
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getting a second job
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a marriage or divorce
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spouse changing or starting a job
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having a new child
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a child turning 17
Similar events or unexpected tax results prompt a good reason to make adjustments to your W-4 withholding. If unsure, you'll want to contact your HR representative or supervisor to find out how to update it.