The New W4 – How to Assist Employees with Proper Completion for Payroll Withholding Purposes

LIVE ONLINE TRAINING COURSE

In 2020, the IRS significantly revised the W4 form. Instead of employees simply completing the information about marital status and number of exemptions; they now have to calculate withholding to include additional amounts if they have a second job, a spouse with a job, or self-employment income. This was in response to what the IRS deemed a significant increase in liabilities owed by individual taxpayers at the end of tax years.

This took a lot of workers and payroll managers by surprise. Simple instructions became a complex maze of projections and calculations in order to compute the amount of FIT and SIT withholding from employee paychecks. So join Mark Schwartz for this webinar, where you can learn to help employees complete this form.

SESSION HIGHLIGHTS:

Recent changes and explanations

• From 2021 thru 2023
• Systematic and sectional changes

II) 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

III) 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.

Why You Should 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 deparments 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 lanquage 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.

Who Should Attend:

• Payroll and HR managers
• Compensation and hiring staff
• Finance and Operational managers
• Executive Staff

During the Q&A session following the live event, ask a question, and get a direct response from our expert speaker.

Note: You will get access to the Recording link and E-Transcript; in your account and at your registered email address, in the next 2 -3 days once the webinar is accomplished.