It is well understood that for any organization to succeed, some form of discipline and structure is necessary. The same principle applies when it comes to managing your finances and tax obligations. These documents are critical in ensuring that you comply with the law and avoid any penalties. According to Matthew Nicosia, understanding what they are and how they differ can save you a lot of headaches down the line.
I-9 and W-4 Forms – Explained By Matthew Nicosia
What is an I-9 Form?
The I-9 form is an employment eligibility verification form. All US employers must ensure that their employees are legally allowed to work in the United States. The I-9 form is used for this purpose. Employees must fill out the I-9 form and provide documentation of their identity and eligibility to work in the US. Employers must then review the employee’s documentation and attest to its authenticity.
What is a W-4 Form?
A W-4 form is used by employers to withhold the correct amount of taxes from an employee’s paycheck. The employee provides information about their tax filing status and the number of dependents on the W-4 form. This information is used to calculate the amount of taxes that should be withheld from each paycheck.
The Key Differences between I-9 and W-4
According to Matthew Nicosia, the most significant difference between I-9 and W-4 forms is their purpose. The I-9 form is used to verify an employee’s eligibility to work in the United States. The W-4 form is used to calculate the amount of taxes to be withheld from an employee’s paycheck.
Both forms are required by US law. Employers must ensure that all employees have completed an I-9 form and provide a W-4 form to each employee.
While the I-9 form is completed by the employee, the W-4 form is completed by the employer. The employer is responsible for ensuring that the correct amount of taxes are withheld from each paycheck.
It is important to note that the I-9 form is only used to verify an employee’s eligibility to work in the United States. The W-4 form is used to calculate the amount of taxes to be withheld from an employee’s paycheck.
The I-9 form requires the employee to provide documentation of their identity and eligibility to work in the United States. The W-4 form requires the employer to provide information about the employee’s tax filing status and the number of dependents.
Both forms are required by US law. However, the I-9 form is only required for new employees, while the W-4 form is required for all employees.
How to Complete an I-9 Form
The I-9 form must be completed by all new employees. The employee must fill out the I-9 form and provide documentation of their identity and eligibility to work in the United States. The employer must then review the employee’s documentation and attest to its authenticity.
How to Complete a W-4 Form
The W-4 form must be completed by all employees. The employee should provide information about their tax filing status and the number of dependents on the W-4 form. This information is used to calculate the amount of taxes that should be withheld from each paycheck.
Bottom Line
Matthew Nicosia emphasizes that since both these forms are required by US law, it is essential that employers get them from each of their employees – I-9 for new ones and W-4 for all. While the I-9 form is completed by the employee, the W-4 form is completed by the employer, who is responsible for ensuring that the correct amount of taxes are withheld from each paycheck.