Taxes related to Disability & form W-4-S (withholding from sick pay Form)
Looking for recommendation of how to fill out form W-4-S (withholding from sick pay Form) based on my situation. I have never had to do so before. For 2024, I will be totally off work due to medical disability (started in 2023). For 2024 filing, for the first 4 months of the year I first received the remainder of my benefit for CA State Short Term Disability Income (not taxable); and, at the same time, for those same months, I also received the remainder of my employee earned/paid time off as 'supplemental income' (details: gross total paid out of about $26k; approximate breakdown: 401k contribution of about $20k (pretax deduction); of the remaining, $2.5k goes to voluntary deductions (after tax), another $2.5 to Tax deductions, and about $1k in net payment. Starting in May 2024, I will stop those incomes, and instead start to receive payments from Long Term Disability Insurance Income of about $6k a month (combined total, as paid by Federal SSDI and MetLife LTD plan [benefit paid for by employer]). I live in California, and plan to file as single; I have no dependents, nor can I be claimed as one by someone else; I have always used standard deduction in filing taxes in past. I was given the W-4-S (withholding from sick pay Form) as an "option to fill out." I would rather have the Withholdings taken out each month like a paycheck can do, than to just owe a large sum all at once when taxes are due. But, I do not know anything about the way these Long Term Disability Insurance Incomes are taxed differently and such, especially given my specific details I laid out below. ideally like to find best way to not over pay in Withholdings, but have a good estimate of what would likely be owed in my case so I can plan ahead and have a close to accurate amount already close to paid come tax time. Then, based on that what's would be recommendation(s) on how would fill out W-4-S (withholding from sick pay Form) to best achieve this given the timeline and details laid out above. *please note any identifying details have been altered for privacy*
