Give Your Paycheck a Checkup
Here’s what you can do right now to help yourself in 2021

It’s August, and if you’re like many of us, you’re thinking about back to school and not about taxes. But here’s why you should be: did you know there’s a new W-4 this year? And did you know that if you filled out your 2020 W-4 the same way you did in 2019, you might end up owing money in 2021?

 

Yes, really. Here’s what you need to know:

 

Q: What is a W-4?

A: The W-4 form provides Walmart with information so that the correct amount of income tax can be withheld from your paycheck. 

It looks like this:


Q: Why is it important?

A: You want just the right amount of income tax taken out of your paycheck so that you don’t potentially owe the IRS (or a state tax authority) a lot in 2021.

 

Q: Where can I make changes to my W-4?

A: OneWalmart > Me > My Money > Tax Center > My W4

 

Q: How do I know if I am taking out the right amount?

A: “Right” looks different to each associate. So, we recommend speaking with a tax advisor and reviewing the IRS W-4 FAQs and Tax Withholding Estimator.

 

Q: Can’t I just use the same answers from last year? Everything is the same for me!

A: You can, but it’s not a good idea. Your financial situation might be the same, but the form has changed and could end up costing you next tax season.

 

Q: When should I do this?

A: ASAP! It takes less than 15 minutes to update your W-4. So go ahead and get things sorted for the second half of 2020. Your future self will be glad you did.