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The employer will take care of the estimated tax payment of the employee by withholding money from the employee’s paycheck based on their W-4 . If you are a receiver of pensions, annuities and other deferred compensation, you are expected to use the IRS Form W-4P to tell the payers the correct amount to be withheld from your federal income tax. Based on this information, the payer will withhold money for your federal income tax.
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Completing the IRS Form W-4P is easy and should not take a long time to finish. The following steps will help especially if you are new to filling the form.
Step 1: There are several ways to obtain the form. You can obtain the form from an IRS office or you can download the form and the filling instruction from the IRS official website, then open it on Wondershare PDFelement and begin filling it out with the program.
Step 2: The first part of the form is the worksheet and you can keep that for your record. Go to the form proper, write your name. It should be the first name, middle name and last name in that order. Enter your social security number and write your address. Your address should contain street, city, town, state and zip code.
Step 3: For line 1, check the box if you do not want any federal income tax withheld from your pension or annuity. If you check the box, then you do not have to complete lines 2 and 3.
Step 4: Enter the figure of the total number of allowances and the marital status you are claiming for withholding from each periodic pension or annuity payment. Enter the number on the space provided on line 2. Then check the marital status of either single, married, married but withhold at higher single rate all represented with a box. Check the appropriate box.
Step 5: Proceed to line 3. Enter additional amount if any you want withheld from each pension or annuity payment. However, note that for periodic payments, you will not be able to enter an amount without entering the number of allowances on line 2. Enter the amount on the space in front of the dollar sign on line 3
Step 6: Sign your signature and write the date that the form was signed on the spaces provided under line 3.
Step 7: The next page is the Deductions and Adjustments Worksheet. You are allowed to use this worksheet only if you plan to itemize deductions and claim certain credits or adjustments to income. Enter the relevant figures and make your calculations from lines 2 to 9 of the worksheet. However, note that when you get the total on line 10of the worksheet, it forms the amount you are expected to enter on form W-4P line 2 above.
Step 8: if you sue the Multiple Pensions/ More-Than-One-Income-Worksheet, then note that it applies if you are married and you and your spouse is filling jointly, having more than one source of income subject to withholding, for example, more than one person, a pension and a job etc. Enter the figures and make your calculation. Note that the result will be entered on line 3 of the form W-4P above.
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