Taxes, the W-4, and the April settle up

When you start a job you fill out a form called a W-4, and it tells your employer how much to hold back from each check for federal income tax. Hold back too little and April brings a bill; too much and April brings a refund, which is your own money coming back late.

Neither one is winning or losing. The return you file in April is the settle up between what was held back and what the year actually owed.