The New W4 - How to Help Your Employees Navigate the Sections for Accurate Withholdings
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This new design has caused much confusion for employers and employees alike. Although it is not the employer's responsibility to complete the form for employees (there are default entries for incomplete or missing W4s), a lot of payroll and HR departments are inundated with questions from workers.
Further, the payroll systems need to incorporate all the new information given to them by workers. Employers are also mandated to ensure employees have access to tables and other information so they can properly complete the W4.
Why you should Attend:
- What sections employees are required to complete, and which are optional?
- How to anticipate questions for each of the sections. Where to direct employees to find the answers they need. When to refer them to professionals
- How to explain in plain language the nature and purpose of each section. How to explain the tables used, and how each computation will affect employee withholding
- What are the "easy ways out" for employees who do not want to spend a lot of time calculating withholdings? When it is wise for an employee to take an easy way out, and when it isn’t
- Options for intra-year adjustments to the W4
- Requirements for employer-created electronic W4 info entry
- Recent changes and explanations
- From 2021 thru 2023
- Systematic and sectional changes
- The W4 section by Section
- Section 1: employee info
- Section 2: Multiple Jobs or spouse works
- Section 3: Employee Deductions
- Section 4: Other income
- Section 5: Employee and Employer Signature and Info
- Specifics:
- Easy ways out - complete sections 1 and 5 only. Or certify the exempt status
- Section 2 - How to determine if this is right for your employee. When to advise them to get a tax consultant
- Section 4 - for high-income earners, especially those with large sources of untaxed or undertaxed income. When to advise employees to seek professional help
- What to advise employees on, and what not to
- How to ensure compliance with IRS regulations on electronic means of collecting this information
- FAQ on the W4
- How to sleep at night knowing you have done all you can for your valued workers
- Payroll and HR Managers and Staff
- Compensation and Hiring Staff
- Finance and Operational managers
- Executive Staff
- Auditors and Reviewers
Mr.Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.
Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.