Filling Out Your W-4 Form: A Comprehensive Guide for Run Specialty Employees

Filling Out Your W-4 Form: A Comprehensive Guide for Confluence Running Employees

Filling out your W-4 form correctly is essential to ensure accurate tax withholding and avoid surprises during tax season. This guide breaks down the key steps to help you confidently complete your W-4 in 2025.

What Is a W-4 Form?

The W-4 form, officially known as the "Employee’s Withholding Certificate," is an IRS document that tells your employer how much federal income tax to withhold from your paycheck. Accurate withholding ensures you meet your tax obligations while avoiding large tax bills or refunds at year’s end.

The current version of the W-4, updated in 2020, eliminates allowances and instead focuses on dependents, deductions, and additional income.

 

Do You Need to Update Your W-4?

You’re required to complete a W-4 when starting a new job, but it’s also important to update it when your financial situation changes. Consider revisiting your W-4 if you:

• Get married or divorced.

• Have a child or gain a new dependent.

• Start a side business or freelance work.

• Experience significant changes in income.

These updates ensure your tax withholding aligns with your current financial reality.

Key Considerations for Accurate Withholding

The IRS formula for withholding is designed to ensure employees have the right amount of taxes withheld to cover their income tax obligations for the year—no more, no less. A $1 refund signifies that the formula worked perfectly. A large refund, while it may feel rewarding, actually means you’ve allowed the government to use your money interest-free throughout the year.

For employees who prefer a smaller refund or minimal tax bill, accuracy in W-4 completion is crucial. Employees seeking larger refunds can adjust their W-4 by adding extra withholding on line 4(c) or consulting a tax advisor for personalized guidance.

Step-by-Step Guide to Completing Your W-4

Step 1: Provide Personal Information

• Enter your name, address, Social Security number, and filing status (e.g., single, married, or head of household). Your filing status affects your tax withholding and eligibility for certain credits and deductions.

Step 2: Account for Multiple Jobs

• If you or your spouse have multiple jobs, complete this step for the most accurate withholding. Use the IRS’s online estimator or follow the instructions on the form.

• For the highest-paying job’s W-4, complete steps 2-4(b). For other jobs, leave these sections blank.

Step 3: Claim Dependents

• If your income is below $200,000 (or $400,000 for joint filers), you can claim dependents and multiply each by the applicable credit amount. For example, two children could equate to $4,000 in tax credits.

Step 4: Adjust Withholdings

• Use this section to specify additional withholding or account for other deductions. For instance, if you’re itemizing deductions instead of taking the standard deduction, note that here.

Step 5: Sign and Submit

• Once completed, sign and date your W-4 and submit it to Confluence Running’s HR or payroll team. Digital submission may also be available.

Important Note on Tax Guidance

Confluence Running and Binghamton Health Campaign are not authorized to provide tax advice. Employees are encouraged to consult with a professional tax advisor for personalized advice tailored to their financial circumstances. Paychex, our payroll provider, is also unable to offer specific guidance on tax withholding.

For employees seeking to achieve specific tax goals, such as a larger refund or more take-home pay, consulting a tax advisor or using the IRS Tax Withholding Estimator at https://www.irs.gov/individuals/tax-withholding-estimator is highly recommended. This tool can help you determine the most accurate withholding for your situation.

Accessing the W-4 Form

The updated W-4 for 2025 is available on the IRS website or through Confluence Running’s HR portal. Download the form and use the provided instructions or online tools to ensure accuracy.

Resources for Additional Support

• IRS Withholding Estimator: A helpful tool to tailor your W-4 based on personal circumstances. Access it at https://www.irs.gov/individuals/tax-withholding-estimator.

• HR Assistance: Confluence Running’s HR team is here to help answer questions and explain the form—though they cannot provide specific tax advice.

Accurate W-4 completion is a simple but crucial step in managing your financial health. Taking the time to get it right ensures smoother paychecks and a stress-free tax season. If you have questions, reach out to HR or consult the IRS website for detailed guidance.