W4 form is used by the employer to withhold taxes from an employee paycheck. This is based on the information provided by the employee via the W4 form. There is one important note as many employees miss out & find out only at the time of tax filing.
If you have any major life event like marriage, the birth of a child etc - we highly recommend that you complete the W4 during the year again and resubmit to your HR department.
Adding a dependent or married filing jointly can reduce your taxes. By completing this form, a lesser amount of tax will be deducted so you are not paying too much tax in advance.
** Based on our response to a question asked on quora.
Posted In: TaxGo Back