November 22, 2020

W4 Calculator 2020

W4 Calculator 2020 the 20/20 w-4 overview so this is the 20/20 w-4 that you're looking at right now employees withholding certificate and we want to give you an overview so you can get a closer glimpse of what it is and how can. Work for you. Hell no you got mister and it is Smith and before we give the overview and just kind of really just brush over the things that are entailed in this. New w-4 form because there has different changes let's just talk about the purpose of the form there's been a lot. Of changes you guys so the purpose, of this form let's read it complete form w-4 so that your employer can with Hopi correct federal income tax from your pay if, too little is withheld you will generally old tax when you file your tax return and may owe a penalty if too much is repealed. You will generally be due a refund completely new form w-4 when changes to your personal or financial situation will change the entries on the form for. More information on withholding and where you must furnish a new one w4c publication 5:05 which is on irs.gov absolutely a publication 5:05, is not just a, breeze to just read through isn't pretty conflict but if your situation Chinese did you get married did you, have a child that you have a business there's kind of different things at times or situation that may cause you to revisit this w-4 form so understanding that helps you.

Out a lot because a lot of people should revisit that form, because many people don't and what I also want to include is at the time of this recording is December 2019. So the calculator hasn't quite updated yet but the benefits of the calculator will. Let you know what you can expect after adjusting your w-4 to let you know where you owe you saw about how much you know will you get a refund so, it breaks it down but we want you to get, a head start amongst anybody else and get an overview of what to expect from this 20/20 w-4 form so like I stated is the employees withholding certificate complete W, Form w-4 so that your employer's can with the correct federal income tax from your pay so this is based, on the federal income and what you put on this form will reflect on your, pay and you give this form w-4 to your employer upon completion your withholding is subject to review by the IRS, so make sure you take this morning seriously don't just fabricate any numbers because, the subject to review plus you just want to keep it out of way our pinning anyway so and still want not much to explain other than just filling your information. What's your name personal as me middle name social address city state and then it gets into the things that started, to offset your withholding which is your filing status are you single or married filing separately that come in the same, category are you married filing jointly or qualifying widower or are. You head of household now I want to read the head of household because we always love to, elaborate on what head of household is so many people take this of the wrong way so it's a check only if you're. Unmarried and pay more than half the cost of keeping up a home. For yourself and the qualifying individual so what this means is you cannot be married and by our head of household many people think that just because they're the breadwinner they can file head of household that's not, the case you have to be unmarried and paying more than 50% of a qualifying individual there can be, a child there can be another qualifying individual there may not be your child. But they live with you a certain amount of time. Out of the year so know the difference and know where you should check we're not giving any examples here we just. Want you to know how the form is set up and how you should best fill it out then it says complete steps 2 to 4 only and they put only, in our capital reason if they apply, to you so whatever does not apply to you they know we're about to learn I perform don't worry about you know any what-if scenarios if it doesn't apply to use map if, you have a strong thought that it may then definitely stay tuned to what we have yet, to come in future videos but get anything that doesn't apply, to you and go straight to step 5 if these to port will not apply see phase 2 for more information on each step who can claim exemption from withholding when to use the online, estimator and privacy so before I'm, going to step two since they say see page two for more information on each step I. Want to go through it just so you can see that everything gives you some form of a reference point this is, page two now we cover page to the section this is purpose or form just to give you the purpose but they're specific instructions lined out for just about every step we're not going to insult your intelligence. Teresa's for you because we know you can but we just want to let you know that page two. Are instructions that go with each step, so you sort of step one step two step three step four eight up for B step for C and different notes that go along. With it so just understand how to find that just in case you have. A question most of that is pretty clear for the most part but you know hopefully we can assist you more for it now step. Two is centered around the individual who has multiple jobs or a spouse networks meaning that one, particular household has more than one job that can be through you and you were to job.

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