If you have landed your first job or are starting a new job you will need to fill out a W-4 form so that your employer can determine how much tax to withhold from your paycheck. Form W-4 tells your employer how many allowances you want to claim. You're asked to fill out a Form W-4 whenever you first start a new job, and you can also submit a new W-4 at any time during the course of your employment if you want to change your withholding allowances. SmartAsset’s financial advisor matching tool can help you find a professional to work with. First, you answer a series of questions about your financial situation and goals. Based on this info, we’ll match you with up to three advisors right in your area. Maybe you started your first job or maybe you gave up the freelance life for full-time employment. Whatever your scenario, if you find yourself filling out a W-4 for the first time, you may be a touch confused by all the fields, worksheets, and forms. Yes, the IRS can make things confusing. Let’s take it one step at a time. This video will give you step by step instructions on to how to fill out a Federal W-$. When you start a new job — or your financial or marital situation changes — you will likely have to fill out a new W-4 form. This form is used to determine how much of your income should be withheld for federal taxes, so it’s important to take the time to fill it out carefully and completely. Federal income taxes are unavoidable, but you can do certain things to affect the size of your income tax bill and how much your employer withholds from your paychecks. One of the biggest things you can do is adjust the number of allowances you claim on your W-4. The ideal number of allowances for Andrew Schwartz CPA discusses how most kids and college students should fill out the W-4 form for their summer or part-time jobs. By claiming Exempt, your employer will NOT withhold any federal income taxes, so you’ll have more money in your pocket with each pay check, and won’t need to file a tax return next winter to get back. Updated for tax year 2019. After filing your tax return, a smart financial move is to double check your Form W-4. Ensuring you have the right amount of tax withheld from your paycheck can make a big difference in your tax outcome next year. The most important aspect of the W-4 is how many allowances you should claim. Here are all of the possibilities and how each one affects your tax return.