The New W4: How To Navigate The Sections For Accurate Withholdings

Course/Product Description
Title:	The New W4: How To Navigate The Sections For Accurate Withholdings
SKU:	WC-1041534
Date / Time:	Recorded
Format:	Audio Conference
Description:	In 2021, The IRS significantly changed one of the simplest in all of payroll – the W4. The W4 is used by employees to tell employers how much FIT and SIT to withhold from their paychecks. The old form simply stated marital status and number of exemptions claimed. There was also a method to request additional withholding and/or claim exempt if desired. The newly designed W4 has 5 different, multi-part sections that go from simple to very complex. The idea is to have employees with multiple jobs, and/or significant other incomes anticipated in the year, to have more withholding taken from their paychecks. What the IRS is trying to prevent are taxpayers owing significant amounts at the end of a tax year. 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. 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. In the webinar, employers will learn the new W4 section by section. You will understand all of the following and more: 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 section 1 and 5 only. Or certify 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. Cannot Attend The Live Presentation? This presentation is also available in a recorded format, in On-Demand version, as shown in the pricing options below.
About Webcasts / Audio Conferences / Podcasts:	Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions. The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends! And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office. Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
Licenses / Designations / Educational Credits:	PHR / SPHR Re-Certification Credits SHRM
About The Provider:	The Industry Calendar creates and sells webinars, audio conferences, and seminars for busy business professionals. For over ten years we've done the work of listing the important, don't-miss events in one convenient location so you can quickly and easily learn about key training topics that keep you up-to-date on trends and best practices, all while helping to keep you in compliance with the various rules and regulations affecting your organization.
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