New 2020 W4

TPD

the poor dad
Has anyone filled out the updated form W4 for federal tax withholding? Leave it to my government to screw it up and make it even more complicated. I do payroll and understand how tax withholdings work but it took me 30 minutes yesterday to figure this new form out, after arguing with my wife's payroll department that they screwed her withholdings up. And I still don't get it completely. I'm warning you - if you don't have to update withholdings - DON'T! You will still fall under the old system.

I have teenage employees (and adults) that couldn't figure out the old SIMPLE w4 - no way they will get this new one right.

Maybe it's just that my tax situation is a bit more complicated than the average bear but I'm warning you - if you fill out a new one, don't take for granted that your federal tax withholding will be what you want. Read the directions carefully and watch your paystubs!
 

TPD

the poor dad
@frequentflier Do you do your own payroll? Luckily I haven't had to hire anyone in 2020 so haven't dealt with the new W4 as far as the employer goes. Just wondering how QuickBooks handles this. Reading the IRS publication, there's a lot of figuring involved to arrive at the answer you want IMO.
 

stgislander

Well-Known Member
PREMO Member
That sounds like what my accountant told me. (He's also our corporate accountant.) He's wants me to have Gilligan not withhold as much in taxes next year. But it sounds like you no longer just enter the number of "allowances" onto the form. It's more complicated now.
 

frequentflier

happy to be living
@frequentflier Do you do your own payroll? Luckily I haven't had to hire anyone in 2020 so haven't dealt with the new W4 as far as the employer goes. Just wondering how QuickBooks handles this. Reading the IRS publication, there's a lot of figuring involved to arrive at the answer you want IMO.
I use Intuit for payroll but have not noticed any changes. They sent notification about the deferred taxes but no one was interested. When I hired someone in June, I don't recall anything different in the paperwork.
And I am happy to say that after Dec, I will not need to concern myself with any more of the payroll crap. In 2021, I will hand out w-2's, close everything out and then I am FREE :yahoo:
 
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TPD

the poor dad
That sounds like what my accountant told me. (He's also our corporate accountant.) He's wants me to have Gilligan not withhold as much in taxes next year. But it sounds like you no longer just enter the number of "allowances" onto the form. It's more complicated now.
Yes much more complicated than just entering allowances. I don't know why they had to screw with it!
 

Kyle

Having a Beer while the world burns!
PREMO Member
Yes much more complicated than just entering allowances. I don't know why they had to screw with it!
Government 101

If it aint' broke, fix it until it is.
 
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