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Form W-2 is Wage and Tax Statement. It's an IRS form that employers are required to provide/send to their employees for the employees to use in filing their tax returns. You don't claim deductions with your W-2 form.

Form W-4 is Employee's Withholding Allowance. It's an IRS form that your employer has you fill out when you're hired. Your employer calculates withholdings from your earnings based upon the filing status and number of exemptions that you claim on Form W-4. The more exemptions you claim, the less will be withheld from your earnings.

A single person can claim one personal exemption plus an additional exemption if only having one job. If you (or your spouse) have more than one job, then you might want to claim less exemptions to make sure that enough is withheld from your earnings. You can claim exemptions for dependents, if any.

If you have a significant amount of unearned income (interest, dividends, capital gains, etc.) or self-employment income, claim fewer exemptions. If you're expecting certain credits (earned income, child and dependent care, etc.), claim more exemptions.

Also included with Form W-4 is a Personal Allowances Worksheet plus Deductions and Adjustments Worksheet and Two-Earners/Multiple Jobs Worksheet. These Worksheets all help you determine the number of allowable exemptions for Form W-4.

You can finetune your withholding with the IRS withholding calculator onlne at www.irs.gov. Select Too Much or Too Little Tax Withheld in the Special Interest Section in the middle column.

For more information, go online to www.irs.gov/taxtopics. Select Topic 753 (Form W-4 Employee's Withholding Allowance Certificate).

Also, for Publication 919 (How do I Adjust my Tax Withholding?), go to www.irs.gov/formspubs. Select Publication Number. Type 919 in the Find bar.

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15y ago

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