The Employee Withholding Certificate, commonly known as the Form W-4, is an IRS form used by an employer to withhold the correct federal income tax from an employee’s pay. In this practical webinar, you will learn about the changes to withholding computations for the 2020 W-4.
Among other things, you will explore the various methods used to compute withholding and the new IRS Publication 15-T – Federal Income Tax Withholding Methods. You will also receive detailed information that payroll professionals need to know now in order to remain compliant in 2020.The IRS issued a new Form W-4 for 2020. The new form must be used for all employees who receive their first pay check after December 31, 2019 and any existing employees who change their withholding amount after December 31, 2019.
This webinar will cover the changes to the 2020 W-4, who must provide the employer with the 2020 Form, the method used to compute withholding, the new IRS Publication 15-T – Federal Income Tax Withholding Methods and other information payroll professionals need to know now to stay in compliance in 2020.
The new form does not use withholding allowances, so the method for computing withholding has changed. Since existing employees who do not want to change their withholding amount may leave prior Forms W-4 – Withholding Allowance Certificate in effect indefinitely, payroll professionals will have to know how use both withholding calculation methods.
Patrick Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, information returns, and accounting.