Welcome back to our Channel Clear Value Tax. My name is Brian Kim, and I'm a certified public accountant. In today's video, we're going to walk you through the W-4 form for 2020. This is the most updated and newest version, and it is completely different than the W-4 form for 2019. So let's walk through this line by line on the form. But let me preface very quickly by just saying that this form, the W-4, determines how much taxes to withhold from each of your paychecks. It is important not to under withhold your taxes, as this may result in a tax balance when you file your tax return and could subject you to penalties. On the flip side, you also do not want to overpay your taxes. If you do over withhold, you will receive a refund when you file your tax return. However, this is essentially giving an interest-free loan to the government. It is better to have that money in your hands throughout the year. So, you do not want to set the W-4 to under withhold or over withhold. You want to try to get it just right. That's what we're here to do. Let's walk through this form line by line. Welcome to the W-4 form for 2020. Now, let's see how quickly we can fill out this form. The first section asks for your first name, in this example, it will be John. Then, provide your last name. Next, enter your Social Security number and your address. Now, let's choose your filing status. If you are single or married filing separately, click here. If you are married filing jointly, click here. If you are the head of household, click on this option. The head of household filing status is applicable if you are married and pay...
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W4 Form: What You Should Know
A. Not Filing a Federal Form W-4 B. Filing a Federal Form W-4: A. Not Filing a Federal Form W-4: A. Yes Filing a Federal Form W-4: B. No Filing a Federal Form W-4: C. No Filing a Federal Form W-4: D. No New Jersey: Form NJ-W4 (PDF) Filing the Individual Income Tax on the Individual Income Tax Return (Form 1138). Form NJ-1 (PDF) Form NJ-2 (PDF) Filing the Form 1040 for a New Individual with Taxes to File for 2024 (Form 4946) — IRS Form NJ-6 (PDF) Form NJ-7 (PDF) Form NJ-8 (PDF) Form NJ-10 (PDF) Form NJ-10A (PDF) Form NJ-10B (PDF) Form NJ-40A (PDF) Filing the Internal Revenue Code and Regulations (Form 942). Form NJ-3 (PDF) For more, see How to File a New Jersey Annual Return in 2017. This form is completed by all current New Jersey Taxpayers who expect to receive pay-in-lieu of taxes for any amount paid when withholding, reporting or paying income tax. You will need your employee's income tax withholding so that your employer can deduct taxes owed. Forms 6252, 6263 and 8331 must be completed and filed for each full pay period. If your employee did not make any pay during the tax filing season, no form has to be filed. Taxpayers who have a valid New Jersey Taxpayer Identification Number (NITIN) or Individual Taxpayer Identification Number (ITIN) may complete Form 7062 and submit to your employer along with the completed income tax withholding form. You must submit these two forms in person. A completed and signed (notarized) Form 7062 must be forwarded by the tax return preparer to the local New Jersey tax collector. The income tax form is used for the purpose of calculating Federal Income Tax in situations when New Jersey taxpayers do not receive pay-in-lieu of taxes. For most taxpayers that are required to file a New Jersey income tax return the annual payment is 2,700 (or 3,900 for a married couple filing jointly).
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