Form W-4
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Form W-4
Form W-4 (otherwise known as the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (Tax exemption, exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of federal tax to withhold from an employee's paycheck. Motivation The W-4 is based on the idea of "allowances"; the more allowances claimed, the less money the employer withholds for tax purposes. The W-4 Form is usually not sent to the IRS; rather, the employer uses the form in order to calculate how much of an employee's salary is withheld. An employee may claim allowances for oneself, one's spouse, and any dependents, along with other miscellaneous reasons, such as being single with only one job. In the latter case, this creates an oddity in that the employee will have one more exemption on the W-4 than on the 1040 tax return. This is not a tax deduction in itse ...
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Form W-4, 2012
Form is the shape A shape or figure is a graphics, graphical representation of an object or its external boundary, outline, or external Surface (mathematics), surface, as opposed to other properties such as color, Surface texture, texture, or material type. A pl ..., visual appearance The visual appearance of objects is given by the way in which they Reflection (physics), reflect and transmit light. The color of objects is determined by the parts of the spectrum of (incident white) light that are reflected or transmitted witho ..., or configuration Configuration or configurations may refer to: Computing * Computer configuration or system configuration * Configuration file, a software file used to configure the initial settings for a computer program * Configurator, also known as choice board ... of an object. In a wider sense, the form is the way something happens. Form also refers to: *Form (document) A form is a document with spaces (also named ''fields'' or ''placeho ...
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Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the Federal government of the United States, United States federal government, which is responsible for collecting Taxation in the United States, U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the United States Department of the Treasury, Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Patient Protection and Affordable Care Act, Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure ...
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United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five major unincorporated territories, nine United States Minor Outlying Islands, Minor Outlying Islands, and 326 Indian reservations. It is the world's List of countries and dependencies by area, third-largest country by both land and total area. The United States shares land borders Canada–United States border, with Canada to its north and Mexico–United States border, with Mexico to its south. It has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the List of countries in the Americas by population, most populous country in the Americas and the List of countries and dependencies by population, third most populous in the world. The national capital is Wa ...
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Tax Exemption
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios. Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In tax-free shopping, the goods are permanently taken outside the jurisdiction, thus paying taxes is not necessary. Tax-free shopping is also found in ships, airplanes and other vessels traveling b ...
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Form 1040
Form 1040 (officially, the "U.S. Individual Income Tax Return") is an IRS tax form used for personal federal income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ... returns filed by United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ... residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government. Income tax returns for individual calendar year taxpayers are due by Tax Day In the United States, Tax Day is the day on which individual income Tax return (United States), tax returns are ...
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Unemployment Benefits
Unemployment benefits, also called unemployment insurance, unemployment payment, unemployment compensation, or simply unemployment, are payments made by authorized bodies to unemployment, unemployed people. In the United States, benefits are funded by a compulsory governmental insurance system, not taxes on individual citizens. Depending on the jurisdiction and the status of the person, those sums may be small, covering only basic needs, or may compensate the lost time proportionally to the previous earned salary. Unemployment benefits are generally given only to those registering as becoming unemployed through no fault of their own, and often on conditions ensuring that they seek work. In British English unemployment benefits are also colloquially referred to as "the dole"; receiving benefits is informally called "being on the dole". "Dole" here is an archaic expression meaning "one's allotted portion", from the synonymous Old English word ''dāl''. History The first modern u ...
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Form W-2
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 2 months to prepare their returns before the April 15 income tax due date. The form is also used to report FICA taxes to the Social Security Administration The United States Social Security Administration (SSA) is an Independent agencies of the United States government, independent agency of the Federal government of the United States, U.S. federal government that administers Social Security (United .... The Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the e ...
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Form W-9
Form W-9 (officially, the "Request for Taxpayer Identification Number and Certification") is used in the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ... income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ... system by a third party who must file an information return with the Internal Revenue Service The Internal Revenue Service (IRS) is the revenue service for the Federal government of the United States, United States federal government, which is responsible for collecting Taxation in the United States, U.S. federal taxes and administerin ... (IRS).Inte ...
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Personal Exemption
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently Income tax in the United States, federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations. The personal exemption amount is adjusted each year for inflation. The Tax Cuts and Jobs Act of 2017 eliminates personal exemptions for tax years 2018 through 2025. The exemption is composed of personal exemptions for the individual taxpayer and, as appropriate, the taxpayer's spouse and dependents, as provided in Internal Revenue Code at . Overview Section 151 of the Internal Revenue Code was enacted in August 1954, and provided for deductions equal to the "personal exemption" amount in computing taxable income. The exemption was intended to insulate from taxation the minimal amount of income someone would need receive to ...
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Tax Withholding In The United States
Three key types of withholding tax are imposed at various levels in the United States: *Wage withholding taxes, *Withholding tax on payments to foreign persons, and *Backup withholding on dividends and interest. The amount of tax withheld is based on the amount of payment subject to tax. Withholding of tax on wages includes income tax, social security and medicare, and a few taxes in some states. Certain minimum amounts of wage income are not subject to income tax withholding. Wage withholding is based on wages actually paid and employee declarations on federal and state Forms W-4. Social Security tax withholding terminates when payments from one employer exceed the maximum wage base during the year. Amounts withheld by payers (employers or others) must be remitted to the relevant government promptly. Amounts subject to withholding and taxes withheld are reported to payees and the government annually. History During World War II, Congress A congress is a formal meeting of ...
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IRS Tax Forms
Internal Revenue Service (IRS) tax forms are Form (document), forms used for taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service of the United States. They are used to report income, calculate Taxation in the United States, taxes to be paid to the federal government of the United States, federal government, and disclose other information as required by the Internal Revenue Code (IRC). There are over 800 various forms and schedules. Other Tax return (United States), tax forms in the United States are filed with state and local governments. Individual forms 1040 As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns. The first Form 1040 was publishe ...
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