What information should go on my W-4 form?

Today's reader submitted question: "What kinds of information should I include on a W-4 form at a new job?"

Answer: W-4s are a type of IRS form that you use to provide information to your employer so that they can withhold the proper amount of federal income tax from your wages/paycheck.

The W4 is completed by an employee based on his tax situation, number of exemptions, filing status and other factors.

You, as the employee, should state the number of exemptions you are claiming and note your withholding status as single, married or head of household.

Claiming one allowance is usually the norm for younger tax filers. If you prefer that the government withhold more of your money you could also claim zero allowances.

Depending on the state in which you live, a separate withholding statement should be completed.

The more allowances you claim, the less federal tax is withheld. If you withhold too little, it's possible you may owe more come tax day, depending on your income, filing status, etc. For this reason, you should always be truthful and accurate when claiming withholding allowances.