Whats the difference between a W2 and W4?

Question

My hubby works and I dont. We have 1 daughter and 1 on the way. Which form does he need to fill out and how should he fill it out?

Answer 1

He will need to fill out a W4 form. He needs to base it on how many people are in the household at the time he is filling it out. When the baby comes he can go back and change it at that time.

Answer 2

He will fill out a W-4 showing how many allowances he wants to claim for the withholding from his paycheck.  At the end of the year, his employer will give him a W-2 showing his income and withholdings for the year.

Answer 3

The W-4 form is the form that an employee fills out and gives to his or her employer, telling the employer how much to withhold in taxes from each paycheck.  An employee can file a new W-4 with the employer whenever the employee would like to change the withholding amount.  

The W-2 form is the form that the employer gives to the employee in January each year, telling the employee how much the employee earned in the previous year and how much was withheld in taxes.  You use this form to prepare your income tax return.  The IRS has access to the information on this form, so they know what should show up on your tax return.

With a new baby on the way, you would be looking at doing a new W-4 form.  There are lots of programs on the net that will help with filling out a W-4 form.  Try doing a google search for "W-4 Calculator" and you should see several.  You'll need copies of pay stubs and last year's tax return.

Answer 4

you fill out a w-4 to tell your employer how much federal income tax to withhold - in your Hubby's case - do Married 3 - you'll break even on taxes - maybe a small refund and maximize your weekly take home pay - f new baby is due before end of 2008, then you'll get a bigger refund at tax time -

The employer sends out a w-2 in Jan showing your wages and taxes withheld from the prior calendar year

Answer 5

the W4 is filled out with the employer that tell them how many exemptions you will have in with holding taxes

The W2 is mailed the end of January that states how much you earned and how much was with held from his pay