How to Complete a W-4 Form correctly
Video Transcription
Hey there! Let�s talk about how to fill out your W-4 Form correctly. If there�s even one error, you�ll have to submit a new one. So here are some helpful tips so that doesn�t happen.
Okay, so, W-4s exist as your way of telling the government the right amount of taxes to keep from your pay check. Everyone�s gotta fill one out when they start a new job or when a major life event, like getting married, happens. In your case, you�re probably frequently starting new assignments with Aureus Medical, so you have to complete a new W-4 each and every job change.
Let�s take a look at the form. The Personal Allowances Worksheet is this section right here. Only fill it out if it�ll help you calculate the number of allowances you�re going to claim. Otherwise, just leave it blank.
This is the only part of the form you must fill out, and it�s really not that daunting. Come on! I�ll show you.
Box 1: Enter your legal name as it appears on your Social Security Card. That�s right, Trish- you have to write �Tricia� on your W-4. Same for you, Nicholas!
Box 1, cont.: Put your permanent address in these boxes here. That means no PO Boxes and no temporary lodging, k?
Box 2: Put your social security number here.
Box 3: Mark what your status is: either single or married.
Box 4: Box #4 on the form is unlikely to apply to you, but double check, just in case.
Alright, now comes the fun part! Allowances.
Allowances are the system used by the government to determine how much money to withhold from each of your pay checks. Essentially, each allowance represents something in your life that reduces your income such as yourself, your dependents, working only one job, being the head of household while married, and many more.
The more allowances you report on your W-4, the less tax will be withheld - which means more money in your pocket on pay day.
Think of it this way:
If I claim 2 allowances - one for my child and one for me, I�m saying I need more money today to pay for our expenses; so please, Uncle Sam, don�t tax me so much now.
If I�m single without dependents, I might claim 0. This often leads to a refund during tax season because I�m indicating to the government that they can tax me more today.
Make sense?
Box 5: I hope so! Because in Box 5, you�ll write the total number of allowances you�re claiming.
Box 6: The next line here asks if you want additional money withheld from each paycheck. Most people write 0 unless they otherwise expect to owe the IRS a bunch of money during tax season.
Box 7: The only thing that should ever be written in Box 7 is �EXEMPT,� but most people just leave it blank. It�s very rare that someone is completely exempt from having to pay any taxes on their income. (Think: being single and earning about $10,000 total in a year) But, if you think you might be, please do further research to confirm this and ensure that Lines 5 & 6 are left blank�after all, you can�t claim an allowance AND be exempt.
Finally, sign and date your W-4 and leave lines 8, 9, & 10 blank.
And just like that, you�re ready to submit your form. Talk to your Aureus Medical Staffing Coordinator if you have any questions.