I have been with my current employer for many years. Up until last year I also had a second employer for several years as well. Since I had not started a new job the past few years, I didn't realize there was anything new about the w-4. Should I have updated my W-4 when the tax laws changed? Now I also lost 1 job and have been working just 1 job for the past year. I am making 15K less a year currently. (I may start looking for a second job or 1 higher paying job soon.) Having just 1 job now, should I update my W-4 and what do I need to know about this new form? If I get a second job, what do I need to know about filling out this new form having 2 jobs? I am single, no dependents. How do I avoid owing an excessive amount at the end of year. (I was having this issue previously as I was working a lot at two jobs. Last year with 1 job in the second half of the year, I ended up with a slight refund.) I am also in a tipped position so sometimes I have a hard time knowing exactly where my income will fall by year end.
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Life events such as marriage, divorce, having a baby, or getting a promotion or bonus can have a big impact on your taxes. Filling out a new Form W-4 tells your employer how to calculate federal income tax withholding for your paycheck. That way, you won't wind up owing a big tax bill or having too much money withheld from your paycheck throughout the year.
- If it's been a while since you filled out Form W-4, you should know that the form was entirely redesigned.
- The Tax Cuts and Jobs Act of 2017 significantly changed federal tax laws, so workers and their employers needed a more up-to-date form to calculate the amount of federal tax to withhold.
Turbo tax also has a W 4 Calculator that you can use to calculate the withholding. You should update your withholding every time there is a major life event or you get a new/second job or get a substantial raise. You can use the link below to calculate your withholding.
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