The IRS has released the W-4 for 2015. You can find it here.
Did you get a bigger tax return than you expected last year?? Did you owe more money than you expected?? If so, you should consider updating your W-4 with your employer. If you would like to have less taxes taken out each pay period, therefore resulting in more take home pay, then increase the number of allowances you are taking. If you would prefer more taxes taken out, resulting in more taxes taken out, therefore less take home pay, then reduce the number of allowances. If you are not sure what you should do, then you should speak with your tax advisor/planner. If you don’t have one, I would be happy to refer one to you.
You are likely aware that you are required at a minimum to collect a W-4 (Employee’s Withholding Allowance Certificate) and I-9 (Employment Eligibility Verification) from each employee you hire and to maintain copies of each in a file for every employee. These documents are very important and can be requested to be seen by the IRS or DOL if they ever visit you.
If you have any questions on payroll or payroll taxes, don’t hesitate to contact me.
ConnectPay Payroll Services
2352 Main Street, Suite 303
Concord, Ma 01742