Every new employee fills out a W-4 on day one, and it stays on file with payroll until you submit a replacement. Unlike your annual tax return, the W-4 isn't sent to the IRS — it's an internal instruction sheet your employer's payroll system uses to run its withholding calculation against IRS tables.
What's Actually on the Form
The modern W-4 (redesigned in 2020) has five steps: (1) your name, address, and Social Security number; (2) filing status (single, married filing jointly, or head of household); (3) multiple jobs or a working spouse adjustment; (4) dependents you can claim, using dollar credit amounts rather than the old "allowances"; and (5) optional extra income, deductions, or a flat extra dollar amount withheld per paycheck.
Worked Example: Two Employees, Same Salary
Consider two people each earning $70,000/year, paid biweekly, both single with no other income:
| W-4 Choice | Employee A (standard) | Employee B (+$100/paycheck extra) |
|---|---|---|
| Dependents claimed | 0 | 0 |
| Extra withholding (4c) | $0 | $100 |
| Approx. federal tax/paycheck | ~$430 | ~$530 |
| Take-home pay/paycheck | ~$2,240 | ~$2,140 |
| Likely outcome at filing | Small refund or small balance due | Larger refund next spring |
Employee B trades a smaller paycheck for a bigger, more predictable refund — a common strategy for people who don't trust themselves to save the difference on their own.
When to Update Your W-4
Revisit your W-4 after getting married or divorced, having a child, picking up a second job, your spouse starting or stopping work, or a significant raise. The IRS also offers a free online Tax Withholding Estimator that can tell you exactly what to enter.
Figures above are illustrative estimates only, not tax advice. Actual withholding depends on your specific circumstances and current IRS tables.