How to Complete a Form W-4: Updated for 2021

It’s always a good idea to do a “Paycheck Check-up” at the start of the new tax year or when you experience any change in your income, to make any necessary adjustments to your Form W-4 (Employee’s Withholding Allowance Certificate). Doing so helps to avoid withholding too little Federal tax from each paycheck, which could lead to an unwelcome tax bill or penalties. All that requires is updating the Form W-4 on file with your employer.

The IRS provides an online Withholding Calculator to help you determine the right type of withholding for your situation. But even with this calculator, completing a Form W-4 can be confusing. Let’s break it down:

Sections 1 and 5
These are straightforward, requesting your name, Social Security number, address, marital/filing status, whether or not your name matches your Social Security Card, and your signature.

Sections 2-4
These sections are to be completed only if they apply to your situation, whether you are married, filing jointly, and if your spouse and/or if you hold more than one job at a time. Complete the Two Earners/Multiple Jobs Worksheet on your W-4 to determine these entries.

You may adjust your withholding amounts via an updated Form W-4 as often as necessary for your situation. Outside of changes in your income or tax law, you will also need to complete an updated Form W-4 with these life events:

  • Change of address (especially if you move to a new town/township/city/state)
  • Change in marital status/marital filing status
  • Name change

If you have any questions, we’re here to help. Contact us online or call 215-723-4881.

Download our FREE Sample Form W-4, where we take you through each question using a sample scenario.


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Team Canon Capital at the Indian Valley Chamber of Commerce 2015 Business Expo

We had a terrific time earlier this week at the Indian Valley Chamber of Commerce 2015 Business Expo.

Matthew Witter, a senior investment advisor & financial planner
with our Wealth Management Group, talks with an Expo attendee.

IV2015Expo VickiBarnes LoriCanfield

Vicki Barnes, director of payroll services, and Lori Canfield, office manager, show off our team jerseys. We’re all wearing #87 to represent 1987, the year Canon Capital Management Group was established.

“Team Canon Capital” represented this year’s theme “Sporting Success…Join the Winning Team!” sharing peanuts and popcorn along with all of the services we offer to businesses and individuals in our community.

 

 

Memorial Day Holiday Observance

Canon Capital’s offices will be closed in observance of Memorial Day on Monday, May 30th. Our regular business hours will resume on Tuesday, May 31st.

We wish you a safe and happy holiday!