What is changing? - Guilford County Schools / Homepage
2020 Form W-4The Internal Revenue Service (IRS) has released an updated Form W-4, Employee’s Withholding Certificate for 2020. The Form W-4 determines how much federal income tax GCS withholds from your paycheck. This new form is a result of the Tax Cuts and Jobs Act (TCJA) signed into law in 2017.The new Form W-4 and worksheets can be found here: What is changing?Employees will no longer claim personal and dependency exemptions through tax year 2025. This means Form W-4 will no longer feature a line for entering a number of allowances. There will still be checkboxes for the employee’s filing status. However, filing status types have changed to:Single or married filing separatelyMarried filing jointlyHead of householdThe form also contains new sections asking for specific withholding-related information on multiple jobs, non-wage income, itemized deductions, and tax credits for dependents. Employees will still be able to include an additional flat dollar-withholding amount.What do I need to do?Current employees are not required to complete the 2020 Form W-4. New employees hired on or after January 1, 2020 will be required to complete the 2020 Form W-4. If Form W-4 is not completed before the new hire's first payroll, the filing status will default to single with no additional adjustments.If your filing status or specific withholding-related information changes in 2020, you will need to complete the 2020 Form W-4.Where can I get more information?The IRS encourages everyone to do a "paycheck checkup" to review his or her individual tax situations. The checkup includes a Tax Withholding Estimator to help make sure the right amount is being withheld from paychecks. Please visit encourage everyone to check your federal withholdings on your pay records through the employee self-service. Link: consult with your tax advisor or use the IRS resources to assist in completing the new form.Guilford County Schools staff can NOT provide tax advice.1 ................
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