Form W-4 for 2024

Live Webinar

Webinar Details $219

  • Webinar Date: September 4, 2024
  • Webinar Time: 2:00pm - 3:40pm EDT   live
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Vicki Lambert
  • Topic:   Human Resources, Taxation and Accounting
  • Credit:   CPE 2.0, HRCI 1.5, SHRM 1.5, ATATX 1.5, ATAHR 1.5, ATAPR 1.5
All Access Membership

This webinar takes a closer look at the IRS Form W-4 for 2024 and what’s in store for payroll in the new year. This includes new wording changes, the requirements for completing the form properly, handling non-resident aliens, state equivalent forms, record retention and processing the form electronically instead of on paper. We will also discuss best practices for processing more efficiently within the department.

Background:
The importance of the Form W-4 is fundamental to the payroll department. It is the foundation for the taxation of an employee’s paycheck as well as a required IRS form.  Failure to handle the form correctly and completely can open the door to serious problems not only in properly withholding from the employee’s gross wages but could extend beyond the regulations and affect payroll customer service or employee morale. It can also lead to costly expenditures of time and budget resources to correct non-compliance consequences. 

Questions arise in processing the forms almost daily in a payroll department. Is it a valid form? If not, what should payroll do to correct the problem? Did the employee check the box on Line 2c? Did the employee complete Step 4? These are the types of questions that must be answered to process the form completely and correctly. And it is not just the federal form that payroll must process; many states have their own version of the form and now do not permit use of the federal form for state tax withholding.

Topics Covered Include:
  • Review of the latest draft form W-4 for 2024.
  • Review of the employer instructions and publication 15-T.
  • Examples of calculating income tax withholding.
  • Discussion of how to handle calculating income tax withholding using prior versions of the form.
Your Benefits For Attending:
  • How to use the new form W-4 including the various new tables.
  • To understand the employer instructions in publication 15-T.
  • Discover the various methods of calculating income tax withholding using current and prior year forms W-4.
Who Can Benefit From This Webinar: 
  • Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
  • Human Resources Executives/Managers/Administrators
  • Accounting Personnel
  • Business Owners/Executive Officers/Operations and Departmental Managers
  • Lawmakers
  • Attorneys/Legal Professionals
  • Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues
Level: Intermediate
Format:  Live webcast
Instructional Method: Group Internet Based
NASBA Field of Study: Accounting
Program Prerequisites: None
Advance Preparation: None

    1. Introduction
    2. Our Focus For Today 00:01:
    3. Section 1: Basic Review of Form W-4 for 2024 00:10:34
    4. Form W-4 for 2024 0011:40
    5. Form W-4 Changes for 2023 00:12:34
    6. Five Steps to Completion 00:14:04
    7. Five Steps to Completion (Cont’d) 00:20:08
    8. Worksheets 00:24:14
    9. Multiple Jobs Household 00:25:28
    10. Multiple Jobs Household - Multiple Jobs Worksheet Step 2(b) 00:27:55
    11. Multiple Jobs Household  - Tax Table 00:28:55
    12. Worksheets - Worksheet Step 4(b) - Deductions Worksheet 00:29:07
    13. No Form? 00:30:17
    14. Claiming ExemptOor NRA 00:32:23
    15. Claiming Exempt By Treaty 00:37:10
    16. Step-by-Step Overview of the Form 00:43:11
    17. Step 1: Enter Personal Information 00:43:17
    18. Step 1: Enter Personal Information (Cont’d) 00:49:14
    19. Step 2:Multiple Jobs/Spouse Works 00:49:49
    20. Step 2:Multiple Jobs/Spouse Works (Cont’d) 00:50:48
    21. Step 3: Claim Dependants 00:52:49
    22. Step 4: Optional: Other Adjustments 00:55:43
    23. Step 4(a): Other Income 00:56:12
    24. Step 4(b): Deductions 01:01:49
    25. Step 4(c): Other Income 01:02:29
    26. Step 5: Sign Here 01:07:22
    27. Publication 15-T 01:12:20
    28. Publication 15-T (Cont’d) 01:12:26
    29. Publication 15-T (Cont’d) 01:12:47
    30. Employer Worksheets 01:12:58
    31. Employer Worksheet #1A 01:13:23
    32. Employer Worksheet #1B 01:13:41
    33. Employer Worksheet #2 01:14:36
    34. Employer Worksheet #3 01:14:55
    35. Employer Worksheet #4 01:15:02
    36. Employer Worksheet #5 01:15:08
    37. Calculating Withholding 01:15:19
    38. Example 1 01:15:24
    39. Example 1 Tax Table 01:16:08
    40. Example 1 - Employer Worksheet 01:17:17
    41. Example 2 01:23:07
    42. Example 2 Form W-4 01:24:00
    43. Example 2 Employer Worksheet 01:24:32
    44. Example 3 Form W-4 01:27:14
    45. Example 3 Tax Table 01:27:41
    46. Example 3 Employer Worksheet 01:28:09
    47. Example 3 Employer Worksheet - Step 1 01:28:19
    48. Example 3 Employer Worksheet - Step 2 01:29:27
    49. Example 3 Employer Worksheet - Step 3 01:30:59
    50. Example 3 Employer Worksheet - Step 4 01:31:12
    51. Employee Withholding Certificates - The States 01:31:39
    52. Examples 01:35:59
    53. Form W-4 Equivalents Map 01:37:28
    54. Final Questions 01:39:43
    55. Presentation Closing 01:50:09

      • Arizona Form A-4 01:36:11
      • California DE4 Form 01:36:32
      • Deductions Worksheet Step 4(b) 00:24:26, 00:29:08
      • Dependent 00:20:00, 00:52:55
      • Exempt 00:11:23, 00:32:33, 00:35:17, 00:39:02, 00:43:02, 01:12:53
      • Form 8233 00:37:33
      • Form W-4 00:01:24, 00:04:22, 00:08:41, 00:15:23, 00:20:39, 00:32:29, 00:42:42, 00:43:23, 00:50:22, 01:02:47, 01:17:16, 01:24:06
      • Multiple Jobs Worksheet Step2(b) 00:24:25
      • Nonresident Alien (NRA) 00:32:38, 00:35:30, 00:49:13, 01:12:52
      • Notice 1392 00:49:14
      • Publication 15-T 00:04:31, 01:12:23
      • Resident Alien 00:37:12, 00:49:13
      • Wage 00:26:44, 00:35:49, 00:58:15, 01:14:54

      Arizona Form A-4: Arizona law requires your employer to withhold Arizona incometax from your wages for work done in Arizona. The amountwithheld is applied to your Arizona income tax due when youfile your tax return. The amount withheld is a percentage ofyour gross taxable wages from every paycheck. You mayalso have your employer withhold an extra amount from eachpaycheck.

      California DE4 Form: This certificate, DE 4, is for California Personal Income Tax (PIT) withholding purposes only. The DE4 is used to compute the amount of taxes to be withheld from your wages, by your employer, to accurately reflect your state tax withholding obligation.

      Deductions Worksheet Step 4(b): Fill out this section if you expect to claim deductions (such as itemized deductions) other than the standard deduction and want to reduce your withholding. To estimate your 2020 deductions use the Deductions Worksheet provided on page three of the W-4 form.

      Dependent: A dependent is a person other than the taxpayer or spouse who entitles the taxpayer to claim a dependency exemption. Each dependency exemption decreases income subject to tax by the exemption amount. Your dependent must be a U.S. citizen, a national, a resident alien of the U.S., or a resident of Canada or Mexico. A dependent can be claimed by one and only one taxpayer in any given year.

      Exempt : Exempt employee is a term that refers to a category of employees set out in the Fair Labor Standards Act. They do not receive overtime pay, nor do they qualify for the minimum wage

      Form 8233: IRS Form 8233 must be completed when a non U.S. citizen is claiming tax treaty exemption from income taxes for income received for services provided as an independent contractor.

      Form W-4: Form W-4 (otherwise known as the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer.

      Multiple Jobs Worksheet Step2(b): If you choose the option in Step 2(b) on Form W-4, complete this worksheet (which calculates the total extra tax for all jobs) on only ONE Form W-4. The IRS advises that the worksheet should only be completed on one W-4 form and the result should be entered for the highest paying job only, to end up with the most accurate withholding.

      Nonresident Alien (NRA): This income is taxed at a flat 30% rate, unless a tax treaty specifies a lower rate. Nonresident aliens must file and pay any tax due using Form 1040NR, U.S. Nonresident Alien Income Tax Return or Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens with No Dependents.

      Notice 1392: This Notice modifies the instructions to Form W-4 to take into account the restriction on a nonresident alien's filing status, the restriction on claiming the standard deduction, and the restriction on claiming tax credits and deductions for certain Nonresident aliens.

      Publication 15-T: Employers use Publication 15-T to figure the amount of federal income tax to withhold from their employees' wages.

      Resident Alien : A resident alien is a foreign person who is a permanent resident of the country in which he or she resides but does not have citizenship. To fall under this classification in the United States, a person needs to either have a current green card or have had one in the previous calendar year.

      Wage: A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.


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      Guest Speaker

      • Vicki M. Lambert, CPP