Answer :
When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the W-4. The W-4 is turned in which shows the IRS what you are being taxed on, your claims (single, married, separated) your dependents if you have any and other documentation needed to be able to receive a W-2 from your place of work at the end of the year for tax purposes.
When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the W-4.
Further Explanation:
The purpose of W-4 form:
The employer has the liability to pay the income tax from the side of the employee. When an individual starts or changes the job, the employer has to ensure the amount of the salary that has to be withheld for income tax. So, the employer can pay from the side of the employee.
The employee has to fill W-4 form to in order to ascertain the amount of income tax payable and then submit it to the employee. The employee will seize the income tax amount from the salary of the employee and pay it to the federal government. The assessment of the withholding amount should be made periodically for the accurate assessment of the tax liability.
In the current case, the employee has to fill form W-4 to determine the income tax amount that should be withheld by the employer from his/her paycheck.
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Answer details:
Grade: Senior School
Subject: Taxation
Chapter: Income Tax
Keywords: When, starting, a new, job, the form, you, complete, to determine, how, much tax, to withhold, from, your, paycheck, is, called.