Kentucky State Income Tax Withholding Form K-4
If you're an employer in Kentucky, you need to know all about state payroll taxes. This article will help you understand what withholding is, how it works, who has to pay it, and how to pay it.
As an employer, you must pay or withhold various types of payroll taxes from your employee’s wages. These include federal income tax, state withholding, and overtime pay. You may also need to withhold social security, medicare, and state unemployment insurance taxes. Each employee’s withholding amounts will vary depending on their filing status and the number of exemptions claimed. To help determine how much you should withhold, each employee must complete a Form W-4. In addition to federal withholding, Kentucky has its own state withholding rules. The state income tax rate is 4.5 percent, and the standard deduction is $2,980 as of 2023. Individuals who wish to have additional Kentucky state withholding can use a K-4 form to request it.
According to Chapter 141 of the revised Kentucky Law, employers must withhold income tax from wages paid to employees who live in the state. The tax must be collected by the employer and submitted to the Department of Revenue on a quarterly basis.
Individuals can claim exemption from Kentucky state income tax by filing Form K-4. Employers can file the form electronically or manually. They can use their current login credentials to submit the form or create a free account to examine the tool’s capabilities. If they choose to file electronically, they can also receive email or SMS notification reminders and keep a record of their submission in the history section of their account.
How to Complete Kentucky Form K-4?
- To complete a Kentucky K-4, you must provide personal information such as your name, address, and Social Security number.
- Then, you must declare your total taxable income from all sources, including wages, tips, interest, dividends, and other taxable income.
- If you want to have more state withholding, check box 7 on the form. However, it’s important to note that this does not obligate your employer to withhold the additional amount. You will still be liable for any unpaid tax at the end of the year.
- Kentucky Form K-4 allows individuals to choose their withholding amount.
- Employees must update their forms after any major life changes, such as marriage or divorce.
- The form also requires that the individual list any pretax deductions, such as 401K contributions and flexible spending accounts.
- It is recommended that employees keep a copy of the completed form for their records.
- You can send the completed form via email, link, or fax.
