Description

Clear up questions on the effects that form W4 has on payroll.Many payroll departments have questions about administering the W4 process. It is often difficult to determine when to request a new Form W4 or how to compute the correct withholding based on the W4 information. When employing entities merge it is often difficult to know whether to ask for new W4 forms or whether to use existing forms. Nonresident aliens may be restricted in what to claim on Form W4 and payroll departments should be in a position to explain the differences for these employees. Payroll departments who also administer pension payments may not have obtained the correct version of the W4 form. All of these issues ultimately may impact the payroll department at yearend when employees file their tax returns and find that their taxes are substantially over or under withheld. Additional time is then needed to address these issues with the employee population. This topic helps the persons collecting and administering the W4 Forms to withhold the correct amount of income tax, whether they are working with U.S. resident employees, nonresident alien employees or employees which have come to them via a merger. The content will explain when to ask for Form W4, how to answer employees’ questions about completing the form and when to question W4 forms which do not appear to be completed correctly. The topic will also discuss electronic collection of W4 information and explain the use of the various W4 forms, for example Form W4P. This information will help payroll departments better understand and administer the W4 process to avoid yearend issues with employees and to respond to inquiries from the IRS regarding withholding matters based on Form W4.

Date: 2019-01-31 Start Time: End Time:

Learning Objectives