2020 W-4 Form

Dear Valued SPIN Employee,

The IRS has announced significant improvement to the IRS Form W-4, Employee’s Withholding Certificate, for 2020.  The new form and revised withholding calculations could affect your tax withholding and year-end refund or tax due amounts when you file your annual income tax return.

Current employees are not required to submit a new Form W-4.  If you do not submit a new form W-4, withholding will continue to be based on the most recent Form W-4 that you provided.

The 2020 Form W-4 is designed to be both easier and more accurate, permitting easy adjustments for anticipated tax credits, other income, and deductions.  If you would like to adjust your withholding to account for these factors, you will now be able to simply enter your full year estimated amounts on the Form W-4.

Form W-4 Highlights

• There are three options for employees with multiple jobs or two-earner families
  • Simplified worksheet in the 4-4 instructions
  • Enhanced IRS online Withholding Estimator
  • New Checkbox to automatically adjust for multiple jobs or two earner families
  • New filing Status-Head of Household
  • New adjustment entries
    • Full-year child and dependent tax credits
    • Full year other income; and,
    • Full year deductions

In addition, you will still be able to authorize an additional dollar amount to withhold form each pay period for any reason.

We recommend that that all new employees or existing employees that would like to adjust their withholding complete a 2020 Form W-4 on Workforce Now.