[Cpcommunicator] ADVISORY: New W-4 and W-5 forms required for Exempt or EIC
>From Sue Mulligan
Employees who claim "Exempt" status on W-4 form:
Employees who are claiming "Exempt" tax status must file a new W-4 form
for 2008 in order to maintain exempt status. IRS guidelines require
employers to change the status to "Single" with zero (0) dependents if a
new form is not submitted for the new tax year, so please be sure to
complete a new form by February 15, 2008.
Employees who meet IRS guidelines may claim exemption from income tax
withholding. Information on claiming exemption from withholding can be
found on the tax forms.
The W-4 form is available on the Payroll website under "Forms" or you
can go to http://www.irs.gov/pub/irs-pdf/fw4.pdf to print and fill out
the form, and send it directly to the Payroll Department.
Employees who claim "Earned Income Credit" (EIC) on W-5 form:
Employees who receive advance "Earned Income Credit" need to file a new
W-5 form for 2008 if you want to continue receiving the credit on an
advance basis.
The form submitted for 2007 expires on December 31, 2007, so if you are
eligible to claim the credit during 2008, a new W-5 form must be
submitted by January 4, 2008. Otherwise, we are required to withhold at
"Single" with no exemptions beginning with the first payment of 2008.
The W-5 form is available on the Payroll website under "Forms" or you
can go to http://www.irs.gov/pub/irs-pdf/fw5.pdf to print and fill out
the form, and send it directly to the Payroll Department.
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