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Financial Literacy for Students: Taxes

W-4 Tax Withholding Form

Whenever you start a new job, you will be asked to fill out a W-4 Tax Withholding Form, this allows you to allocate how much of your gross pay should be dedicated to paying taxes. Selecting the correct options may mean the difference between a tax refund, or having to pay at tax time.

Step 1: Personal Information

  • Your name, address, Social Security Number, and whether your name matches the name on your Social Security card
  • Filing Status
    • Single or Married Filing Separately
    • Married Filing Joint
    • Head of Household
      • To qualify for this status you have a dependent (like a child), be "considered unmarried", and pay more than half the costs of maintaining your home

Step 2: Your Job(s)

  • Required if you hold more than 1 job and/or you are married filing jointly with a spouse who also works (so you have more than one job combined)
  • Your tax withholding will depend on all of your sources of income

Step 3: Your Dependents

  • Dependents do not have to be children, they can also be an adult relative or an unrelated adult who lives with you year round. Their gross income must be less than $5050, as of 2025, and you must provide more than half of their financial support
  • You will then have to do a little math as the form instructs

Step 4: How Much Do You Want Withheld? (Optional)

  • Gig workers may choose to enter the amount here that they want to account for from working that "gig" job

Don't forget to sign and date the bottom of the form before turning it in to your employer

Filing Taxes

Taxes are filed between January 1 and April 15th (commonly known as Tax Day). Most Americans file a Federal Tax Return as well a State Tax Return. You may be required to fill out multiple state returns, if you worked in multiple states throughout a given year. 

Forms Commonly Required When Filing Taxes:

  • W-2 - Wages from your job
  • 1099-Int - Interest earned on any accounts you hold
  • 1099-Div - Dividends or distributions paid to you
  • 1099-NEC - Money made from freelance or independent contract work (common in the Gig Economy)
  • 1098-E - Interest paid on Student Loans
  • W-2G - Statement of any gambling or lottery winnings

Web Resources on Taxes

Contact

James A. Cannavino Library

3399 North Road
Poughkeepsie, NY 12601
(845) 575-3106

In the Library