Taxes and Form W4

Can you tell me a bit more about Taxes and the Form W4?

Anybody who is receiving income is subject to tax being held back (or withheld) by their employer. Employers withhold money from your pay for federal income tax, social security taxes, and in some states both state and local income taxes.

Taxes are payments of money to the government that provide public goods and services for the community. When you start a new job, your employer will ask you to provide information on a Form W4. This will help your employer determine how much money to withhold from your wages. The accuracy of your W4 is what determines how taxes are withheld. 

Tax withholdings are determined by how you complete your Form W4. Once your W4 is submitted to payroll, we are unable to make adjustments to your tax withholdings. We recommend reviewing the form carefully before submission and consulting with a tax advisor if you have questions about how to best complete it.

By January 31 of each year, Change Summer will give you (populated via Tri-Net) an IRS From W2, Wage and Tax Statement, showing how much you earned in wages, tips and other compensation from the previous year. It will also show the state and federal taxes, social security, Medicare wages, and tips withheld. You will need this form when you file your tax return.