The Form W-4, the Employee’s Withholding Allowance Certificate, determines the amount of Federal Income Taxes to be withheld from an employee’s paycheck. The IRS encourages everyone to use the Tax Withholding Estimator to perform a quick paycheck checkup to protect against having too little tax withheld and facing an unexpected tax bill.
After being delayed a year, following the enactment of the Tax Cut and Jobs Act (TCJA), the changes to Form W-4 are going into effect for the 2020 tax year. Employees and employers should be aware of these changes so they can be prepared.
Read this NetSuite blog post for highlights on the changes, and contact the GYF ERP Solutions Group to learn how the NetSuite ERP solutions can help you streamline your payroll processes.
IRS Announces Automatic Waiver of Estimated Tax Penalty for Eligible 2018 Filers
IRS Postpones Changes to Form W-4
Internal Revenue Service Releases Draft of Next Year’s Form W-4
IRS Announces Help in Properly Determining Federal Income Tax Withholding Under the TCJA
Additional Payroll and Withholding Guidance Issued by IRS