What Is the Difference Between a W-2 and a W-4? A W-4 provides an employer with an employee's tax ID number (usually SSN), marital status, number of allowances and dependents, and how much tax to withhold with each paycheck. The W-4 is filled out when an employee is hired or ...
and based on this, federal withholding tax is calculated. If too little withholding tax is deducted throughout the year (because the W4 form was filled out incorrectly, or for another reason) the employee may owe taxes to the IRS when filing their tax return or they...
your dependents and two specific types of credits as allowances. The Two Earners/Multiple Jobs Worksheet enables you to determine how many allowances to claim if you and your spouse both have a job or if either or both of you have more than one job. ...