December 19, 2020

Fica Rates 2020

Fica Rates 2020 internet how's it going it's so good to see all of your smiling faces my name is Mike the CPA thanks for joining me once again here on money and life TV this channel is, all about teaching people finances investing taxes and more when I first started out. As I think I got my first job when I was about 17 when I got my paycheck I didn't understand most of what was on it I certainly. Didn't understand anything about taxes have you guys have ever had somebody tell you you got to see the bigger picture well I'm, in this video, I'm gonna show you the bigger picture of how your paycheck affects your tax return and how that originates and where that all goes and how it works so. That you can have a better understanding of taxes, in general and how your tax form works there's a special reason I'm showing you this stuff ladies and gentlemen so please stick around to, the end of the video to find out what that reason is if you guys liked the video today please don't forget to drop a like and leave a comment down. Below I love hearing your thoughts to start off, I want to ask you guys a question is what is the first form or one of the first forms you usually have to fill out when starting, a new job anybody that need four is it that before right on chipper it is a w-4 when you first start off as an, employer when you first you know come, on board with a company usually the w-4 is one of the first things they have you fill out now I remember when I was 17 I didn't, know what any of this stuff meant not a clue the first thing you're gonna do is gonna fill out, your name address information and social security number and all that but. What you're really doing the greater purpose of this is the information you put on the w-4 is ultimately going to impact how much tax federal income. Taxes they withhold from each and every one, of your paychecks so based on the number of allowances you put on this thing if you want to have additional money withheld from each check that's gonna impact your net check whenever you get paid whether. It's every two weeks once a month or every week we start with. The w-4 we fill it out and that whatever. We filled out is going to impact our pay stub as we're about to see on screen here I've actually included so this is actually one of my, pastes okay I've had for confidentiality reasons because I got a lot of people I work with who watch these videos I had, to make sure I crossed off any information that would reveal how much I make, per pay period or whatever so that's why you're gonna see a lot of stuff cross now however. That stuff doesn't really matter because the main focus of this video is the federal withholdings part now there's a bunch of taxes listed on our. Pay stub and I'm just gonna focus on federal withholdings now federal withholdings if you don't know this it means income taxes only income, taxes that's what federal withholdings are all about Medicare tax is different your Social. Security deductions are different that that's a whole different kind of tax or a whole different deduction now what I need you guys to. Do is I need you to put on your imagination. Cap your are your your special make-belief do you guys have one of those I hope you do so put it on make sure. It's nice and snug and what I want you guys to imagine is that pretend this is my last paycheck for the year so, pretend this is like my December 31st pay stub are the last pay period and I'm not gonna receive any more checks or any more, pay stubs the rest of the year what's common about pay stubs as you guys will notice is there's usually a current column.

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