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The New W4 - How to help your employees navigate the sections for accurate withholdings
- Recent changes and explanations
- From 2021 thru 2023
- Systematic and sectional changes
- The W4 section by Section
- Section 1: employee info
- Section 2: Multiple Jobs or spouse works
- Section 3: Employee Deductions
- Section 4: Other income
- Section 5: Employee and Employer Signature and Info
- Specifics:
- Easy ways out – complete section 1 and 5 only. Or certify exempt status.
- Section 2- How to determine if this is right for your employee. When to advise them to get a tax consultant.
- Section 4 – for high income earners, especially those with large sources of untaxed or undertaxed income. When to advise employees to seek professional help.
- What to advise employees on, and what not to.
- How to ensure compliance with IRS regulations on electronic means of collecting this information.
- FAQ on the W4.
- How to sleep at night knowing you have done all you can for your valued workers.
Overview of the webinar
In 2021, The IRS significantly changed one of the simplest in all of payroll – the W4. The W4 is used by employees to tell employers how much FIT and SIT to withhold from their paychecks. The old form simply stated marital status and number of exemptions claimed. There was also a method to request additional withholding and/or claim exempt if desired.
The newly designed W4 has 5 different, multi-part sections that go from simple to very complex. The idea is to have employees with multiple jobs, and/or significant other incomes anticipated in the year, to have more withholding taken from their paychecks. What the IRS is trying to prevent are taxpayers owing significant amounts at the end of a tax year.
Who should attend?
- Payroll and HR Managers and Staff
- Compensation and Hiring Staff
- Finance and Operational managers
- Executive Staff
- Auditors and Reviewers
Why should you attend?
This new design has caused much confusion for employers and employees alike. Although it is not the employer’s responsibility to complete the form for employees (there are default entries for incomplete or missing W4s), a lot of payroll and HR departments are inundated with questions from workers. Further, the payroll systems need to incorporate all the new information given to them by workers. Employers are also mandated to ensure employees have access to tables and other information so they can properly complete the W4.
In the webinar, employers will learn the new W4 section by section. You will understand all of the following and more:
- What sections employees are required to complete, and which are optional.
- How to anticipate questions for each of the sections. Where to direct employees to find the answers, they need. When to refer them to professionals.
- How to explain in plain language the nature and purpose of each section. How to explain the tables used, and how each computation will affect employee withholding.
- What are the “easy ways out” for employees who do not want to spend a lot of time calculating withholdings. When it is wise for an employee to take an easy way out, and when it isn’t.
- Options for intra-year adjustments to the W4.
- Requirements for employer created electronic W4 info entry.
Faculty - Mr.Mark Schwartz
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that mean to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits. Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Markhas represented both clients and the State in front of the State Appeals Board.
Credits
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1.5] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.