The federal W-4 form, which you use to determine how much federal income tax gets withheld from your paycheck, has been given a makeover. The form has been simplified and shortened to make it easier for employees to understand. The intent is the same as it was for the old form, but the new form replaces complicated worksheets with a series of questions about income and dependents. The hope is that employees' answers to these questions will lead to more accurate withholding and fewer surprises at tax time.

Here are the main things that are new about the W-4:

• The form no longer uses withholding allowances. In the past, the value of an allowance was linked to the amount of the personal exemption. But under the Tax Cuts and Jobs Act (TCJA), passed in 2017, taxpayers can no longer claim personal exemptions. The revamped W-4 has you calculate dollar amounts instead of allowances.
• Filing statuses have changed somewhat. For example, head-of-household filers no longer have to use the single status.
• There are new instructions to follow if you work at more than one job at a time, are married and file jointly with a working spouse, have dependents, have non-employment income or wish to itemize deductions.

You can use the IRS's online Tax Withholding Estimator to get help with figuring out the right amount of tax to have withheld from your paycheck.

Most current employees are not required to file the revised W-4 with their employers, but you might wish to file one anyway.

To learn more about the form or get help with completing it, speak with an Ernst & Young LLP (EY) financial planner.

This material is provided solely for educational purposes; it does not take into account any specific individual facts and circumstances. It is not intended, and should not be relied upon, as tax, accounting, or legal advice.