W-4

Forum|Forum|3 years ago
November 16, 2022
1 reply
3 views

I don’t understand how to figure out how many exemptions to take when completing W-4 for my job. I am single with 2 dependents receiving a pension and social security bridge from my prior federal employment. I work part time earning up to the social security limit of approximately $20,000

Not A Product Question

sdammons

Level 2

I think I might understand what you are asking. In the past, the IRS allowed you to calculate withholding allowances which incrementally lowered your withholding with each additional allowance claimed. Often times, the withholding allowances were incorrectly referred to as exemptions. Begging with tax year 2020, the IRS changed the method for determining the amount to be withheld from your paycheck.

For the new Form W-4, I would suggest taking your time and reading each question carefully. The new streamlined form was designed to be easier to complete.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"