Business, 29.11.2020 02:00 teamzomaxx8210

The purpose of filling out a W-4 is to make it easier for individuals to meet their tax liability by paying income taxes as they earn income. Paying anticipated taxes from each paycheck reduces the amount an individual owes when filing taxes and can even result in a tax refund. To guarantee or increase the refund, individuals sometimes claim fewer allowances (to have more income tax withheld) or request a specific additional amount to be withheld from each paycheck. Daniel’s employer will automatically deduct taxes from Daniel’s pay using the information on the W-4 form that Daniel completed on his first day. From his W-4 form, Daniel's employer determined that $75 needs to be withheld from each of Daniel's weekly paychecks, totaling $3,900 for the year.

Compare Daniel’s tax liability from part B, question 3, with the total amount withheld from his check: $3,900 for the year. If Daniel wants a refund when he files his taxes, should he have filled out his W-4 differently? Explain your reasoning.

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The purpose of filling out a W-4 is to make it easier for individuals to meet their tax liability by...

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