Question

When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the _______.

Answer 1

Letter D. W-4 is the answer to your question.

Answer 2

The option (D) is correct.

When starting a new job, the form you complete to determine how much tax to withhold from your paycheck is called the W-4.

Further Explanation:

The purpose of W-4 form:

The employer has the liability to pay the income tax from the side of the employee. When an individual starts or changes the job, the employer has to ensure the amount of the salary that has to be withheld for income tax. So, the employer can pay from the side of the employee.  

The employee has to fill W-4 form to in order to ascertain the amount of income tax payable and then submit it to the employee. The employee will seize the income tax amount from the salary of the employee and pay it to the federal government. The assessment of the withholding amount should be made periodically for the accurate assessment of the tax liability.

The employee has to fill form W-4 to determine the income tax amount that should be withheld by the employer from his/her paycheck.

Learn more:

1. Learn more about the tax on the sale of an asset

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2. Learn more about the income tax

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3. Learn more about the excise tax

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Answer details:

Grade: Senior School

Subject: Taxation

Chapter: Income Tax

Keywords: starting, job, form, determine, tax, withhold, paycheck, 1040EZ, 1099, W-2, W-4, income tax, TDS.