2020 Paycheck Calculator based on New W4 Form

W-4 is an tax withholding certificate that all salaried & wage earners are required to complete Form W-4 ( download w4 form 2020 pdf)so that their employer can withhold the correct federal income tax from your pay. Form W4 is also to be submitted even when you start a new job. This is important because , if you do not pay tax regularly by way of tax withholding , you may end pay paying very high tax on return and that may give rise to a penalty. Read more about W4 in irs publication 505

Paycheck Calculator based on New Form w4

Changes in W-4

2020 Form W-4 was revised as Section 103 changed the medical deduction floor percentage from 10% to 7.5% for 2020.IRS also made one minor editorial clarification on line 4 of that worksheet changing “from Schedule 1” to “from Part II of Schedule 1”. Read more changed W4

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