The Internal Revenue Service has the W-4 form available for download on its website for free. Office Depot's website also has the form available. Employees complete the W-4 form so that employers withhold the correct amount of Federal income tax from their paychecks. Employees should consider filling out a new W-4 form each year or when their financial situations change, recommends the Internal Revenue Service.
Employers should make having each employee complete the W-4 form a priority, suggests Office Depot. Employers must withhold federal income tax as if the employee claims no exemptions if the employee does not complete the form. An employee who does not specifically claim "married" status on the form must have his taxes withheld at the "single employee" rate, which is higher than the "married" rate. The amount of taxes withheld decreases as the employee's number of exemptions increases. Some states require employers to send in copies of employees' W-4 forms as part of new hire information.
The purpose of the W-4 form is to prevent an employee from overpaying taxes or owing a large amount of money at tax time, explains Turbo Tax. The W-4 form includes a series of worksheets the employee may use to determine how many exemptions to claim.