Check Your Withholding Exemptions
Jan. 12, 2011
Employees should check their W-4 form withholding exemptions each year. Any major change in your life could result in you owing extra tax when you file your tax return. Such changes include:
Among the areas in which changes could effect your tax return are:
* Your nonwage income (interest, dividends, capital gains, etc.) * Your family wage income (your spouse started or ended a job) * Your itemized deductions * Your tax credits * Marry or divorce * Gain or lose a dependent
The Internal Revenue Service offers a Withholding Calculator to help you determine how many withholding exemptions to claim. To update your W-4 form, contact the Department of Human Resources at (440) 775-8430.