By RentWise Property Management - Tuesday, April 7, 2020
Below is information provided from our local payroll company who made sure we had the new forms filled out to ensure our employees would not have any unexpected surprises next tax season. If you are in the market for a payroll company that is not only on top of all things payroll but do so with some of the best customer services we have seen. Important W4 information - Please inform your employees so they don't end up with an unpleasant surprise when they file their 2020 taxes: The federal W4 has changed dramatically for 2020. Employees are not required to complete a new 2020 W4, but doing so will result in the most accurate withholding. Please make sure that they thoroughly read ALL of the instructions and complete the form accordingly. It is very important that they fill out step 2 correctly if they have a second job or if they have a spouse that also works. Idaho state withholding no longer runs concurrently with federal withholding. If an employee fills out a federal 2020 W4, they will also need to complete an Idaho W4. Even if an employee chooses not to complete a new 2020 federal W4, it would be in their best interest to submit an accurate Idaho W4 if they don't currently have one on file. Both the new federal 2020 W4 and the Idaho W4 are available on our website at www.pes-wies.com We cannot provide advice as to what an employee should claim on either W4. Both forms have worksheets and instructions to guide an employee in filling them out. There are also tax planning calculators available at https://www.irs.gov/individuals/tax-withholding-estimator and https://tax.idaho.gov/i-2033.cfm
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