The IRS has released Form W-4 2020 which went into effect January 1, 2020. The new form must be used by those employees hired on and after January 1, 2020. Existing employees are not required to fill out the new Form W-4 2020. However, if an existing employee wants to make a change to their withholding amounts, then they must use the new Form.
Shelby Financials uses the 2020 Percentage Method Tables for Automated Payroll Systems.
You might find the following links to IRS.gov helpful:
- FAQs on the 2020 Form W-4: https://www.irs.gov/newsroom/faqs-on-the-2020-form-w-4
- Employee’s Withholding Certificate with instructions: https://www.irs.gov/pub/irs-pdf/fw4.pdf
- 2020 Percentage Method Tables for Automated Payroll Systems: https://www.irs.gov/forms-pubs/2020-percentage-method-tables-for-automated-payroll-systems
The Screenshot below shows the new settings available in Payroll. NOTE: Employees are not required to have entries in all fields.
