New W-4

[gordonm]

Does anyone know how the 2020 version of EasyAcct is going to handle the challenges of the new W-4?  I am getting a little nervous. 

[Just-Lisa-Now-]

I hadnt even looked at the new W4 until I saw your post....what the hell did they do?? 

So if you're single, no kids have 1 job and use the standard deduction, all you mark is Single at the top and sign it?  I dont understand....I guess that makes it easier for lots of people but this is going to be crazy for people to fill out...I cant imagine the number of calls Im going to get asking "how do I fill this out?"

I dont see any place on the W4 for allowances, but the 2020 Wage Bracket method for withholding, still shows allowances....Im confuzzled!

[qbteachmt]

You would review how the Pub 15T has changed, to understand the change in terminology.

"The 2020 Form W-4 has been redesigned to reduce the form's complexity and to increase transparency and accuracy in the withholding system. Beginning with the 2020 Form W-4, employees will no longer be able to request adjustments to their withholding using withholding allowances. Instead, using the new Form W-4, employees will provide employers with amounts to increase or reduce taxes and amounts to increase or decrease the amount of wage income subject to income tax withholding.

The 2020 Form W-4 contains 5 steps. Every 2020 Form W-4 employers receive from an employee should show a completed Step 1 (name, address, social security number, and filing status) and a dated signature on Step 5. Employees will complete Steps 2, 3, and/or 4 only if relevant to their personal situations. Steps 2, 3, and 4 show adjustments that will affect withholding calculations."

Standard withholding, or W4 Step 2 Checkbox withholding. Two phrases.

[Keito322]

From working with EasyAcct support - it will take manual calculations to make it work.  It will NOT mimic the New W4. 

[BabyGus]

I just read that the NEW 2020 W-4 was suppose to be easier.  I am as someone else said completely confuzzled and I KNOW the employees and operators will be coming to us for answers.  And I just read that in EasyACCT it will have to be manually calculated, that EasyACCT will NOT mimic the New W4.  What good is the accounting software if it isn't going to do squat to make the job easier for you?  So how is any of this easier when you have Publication 15 (48 pages), Publication 15-A (28 pages), and the Publication 15-T (65 pages).  I thought I was bright, but this makes me feel all sorts of dumb.  Is there a 2020 W-4 book for dummies out there.  HELP!!!  Geez, has someone created a spreadsheet to work this out?

[qbteachmt]

"Geez, has someone created a spreadsheet to work this out?"

Yes, the IRS has it:

https://www.irs.gov/businesses/small-businesses-self-employed/income-tax-withholding-assistant-for-e...