W-4 tax form relates to instructing the employers on the amount of federal income tax to withhold on the paycheck of an employee. Proper withholding is necessary as required by the IRS because you are required to pay taxes as you go, rather than paying a huge amount later in the year. The form takes into account the status of filing, dependents, additional income and deductions to compute the correct withholding. An updated W-4 form after a change of life, marriage, divorce, second job, or a new child is a sure way of having the correct amount of tax withheld. Correct filing prevents the penalties, tax owings or massive refunds.

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