Want to change the amount withheld from your check for taxes?
The Payroll Department reminds employees that a new Form W-4, Employee’s Withholding Allowance Certificate, can be completed at any time. The information from this form is used by Payroll in determining the federal and state income taxes withheld from your paychecks. A Form W-4 remains in effect until an employee provides Payroll with a new one. Generally, employees are not required to file a new form each year.
Employees are encouraged to file an updated Form W-4 if withholding allowances have changed or will change in the next year. If employees expect to owe more taxes or receive a large refund when filing 2005 tax returns, they may consider completing a new form. Current withholding allowances are printed on pay stubs and also are available on Murphy Online under Employee Services.
The Internal Revenue Service has a withholding calculator on its Web site for help in determining how many withholding allowances to claim. Employees also can ask their tax adviser for assistance with completing their Form W-4 at the time their 2005 tax returns are being prepared.
The Form W-4 can be accessed from the Payroll Web site. Employees should send the completed and signed form to Payroll at Mail # AQU 221.