If Goldilocks were a government tax form, she would be a Form W-4

Bear with us for a second – The employee withholding allowance certificate nicknamed the W-4, tells employer’s how much money they need to subtract from their employees’ paychecks and then send off to the IRS.  And in true Goldilocks fashion, it’s extremely important to get that number just right.

Bust out your pencils here – that worksheet called the W-4 helps people determine tax withholding.  Simplistic in appearance the W-4 form asks just the right amount of questions to ensure when a payroll is run, a correct slice of the paychecks – the withholding tax – is sent directly to the federal government.  This incremental payment is credited to an employee’s income tax bill for the year.  Done correctly, the W-4 helps shrink the amount of taxes people have to shell out in the spring.

Keeping your W-4 up to date with your taxable address is not too big nor too small of an issue.  Employees are all secretly W-4 pros because employees already know most of the information they will be asked.  A change in address can affect an employee’s paycheck in regards to the tax liability.  Employers must use the W-4 address as the tax withholding address of record.  If an employee changes just their mailing address with Miami University, it does not change the W-4 form taxable address.  A notification via Miami email, will auto generate prompting an employee to review their current W-4 address on file to ensure their tax withholding status is just right.

Be like Goldilocks and look for the just the right fit.  Review your personal W-4 form for the correct tax liability otherwise tax season could become unbearable.  You can review your current W-4 information on BannerWeb>Employee Services Online>Tax Forms>W4 Tax Exemptions or Allowances.  To change your W-4 form, BannerWeb>Employee Services Online>Tax Forms>Update your W4 and State Withholding Certificate.