Why choose Form W-4 2020?
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Last modified 6/3/2020 7:53:35 AM EST |
Added by 123PayStubs Team
The IRS had redesigned Form W-4 to reduce the complexity and increase the transparency and accuracy of the withholding system. Upon choosing the new 2020 form W-4 to compute your withholdings, you will find out how the revised form has replaced complicated worksheets with straightforward questions, thus making withholding easier for employees.
Form W-4 is Employee Withholding Certificate that tells the employer how much tax to withhold from the employee's paycheck. The employer remits the taxes withheld to the IRS and the state on the employee's behalf.
But there are a few key points that should be noted:
- All new hires, as of Jan 1, 2020, are required to complete the new form.
- Existing employees who need to make adjustments to their withholdings must complete the new form.
- If new hires don't complete the 2020 form W-4, then their withholding will be considered to be a single filer with no adjustments.
Well, 123PayStubs can help you calculate all federal and state withholdings upon opting for the Advanced Fed & State W-4 add-on.