What is the W-4?
The W-4 (Employee's Withholding Allowance Certificate - Federal) is the form you use to tell Regent how much federal tax to withhold from your pay.
What is an allowance?
It is the personal exemption amount used to compute your personal taxes. Fill out the worksheet on the W-4 form to determine how many allowances to claim.
How many allowances can I claim?
You are entitled to one allowance for yourself, one for your spouse, and one for each dependent. You may be able to claim additional allowances if you itemize your personal deductions (see page 2 of the W-4 form). Generally, you may not claim more than you're entitled to, but you can always claim less.
I want more money in my paycheck. Do I claim fewer or more allowances?
The more allowances you claim, the more money will be in your paycheck and vice versa. You increase your allowances to get more take-home pay.
If my spouse and I both work, how many allowances can each of
The IRS suggests that couples combine their deductions and income when completing the W-4. The spouse with the higher income should take all of the allowances possible while the spouse earning least should claim zero.
When can I change my W-4?
You may change it at any time. It will be effective until you file a new one. Submit the W-4 into the Business Office 1/2 month before you wish the change to be effective.
It's a good idea to review your W-4 on file especially if you have had what the IRS calls a "change in circumstance." The following are some examples of such a change:
- You got married.
- You got divorced.
- You had a child.
- You had a child graduate from school who no longer qualifies as a dependent.
- You expect a change in your non-wage income. (For example, you received or expect to receive interest from a CD or from stock dividends.)