Form W4: Impact on Payroll
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Clear up questions on the effects that form W-4 has on payroll.Many payroll departments have questions about administering the W-4 process. It is often difficult to determine when to request a new Form W-4 or how to compute the correct withholding based on the W-4 information. When employing entities merge it is often difficult to know whether to ask for new W-4 forms or whether to use existing forms. Nonresident aliens may be restricted in what to claim on Form W-4 and payroll departments should be in a position to explain the differences for these employees. Payroll departments who also administer pension payments may not have obtained the correct version of the W-4 form. All of these issues ultimately may impact the payroll department at year-end when employees file their tax returns and find that their taxes are substantially over or under withheld. Additional time is then needed to address these issues with the employee population.
This topic helps the persons collecting and administering the W-4 Forms to withhold the correct amount of income tax, whether they are working with U.S. resident employees, nonresident alien employees or employees which have come to them via a merger. The content will explain when to ask for Form W-4, how to answer employees' questions about completing the form and when to question W-4 forms which do not appear to be completed correctly. The topic will also discuss electronic collection of W-4 information and explain the use of the various W-4 forms, for example Form W-4P. This information will help payroll departments better understand and administer the W-4 process to avoid year-end issues with employees and to respond to inquiries from the IRS regarding withholding matters based on Form W-4.
Mary H. Angelbeck