64% of Americans can't define this key tax term. (via CNBCMakeIt)
It's an important term to understand, as it affects how much money you'll owe, or get back, when you're filing your taxes.A W-4 is a form that tells your employer how much to withhold from your paycheck for taxes. You fill it out when you start a new job and can change it as necessary.
The form asks for the number of allowances you want to claim. You get an allowance for having a spouse or kids, among other things. Those allowances affect how much of your paycheck will be set aside for taxes. The more allowances you have, the less tax will be withheld. If you withhold too little, you may owe the IRS come tax time. However, if you withhold too much, you could end up withIf you withhold too little, you may owe the IRS come tax time. If you withhold too much, you could end up with a large refund.
"Tax refunds aren't always wonderful," says Nerdwallet's report. Say you withhold too much over the course of the year and get $2,899 back,. That's about $240 a month that "you could've had to buy groceries, keep up with your bills, get the car fixed, pay down a loan or credit card balance faster or invest for the future," NerdWallet points out.
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