IRS Form W 4 Bigger Paycheck and Lower Taxes
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- Опубліковано 2 чер 2024
- IRS Form W 4 Bigger Paycheck, Lower Taxes and more retirement savings.
In this video I'm doing a walkthrough in explaining the IRS Form W4 and how you can increase your paycheck by savings into a retirement plan pre-tax. The savings in taxes will end up back in your paycheck.
I'm also explaining how taxes are paid throughout the year and the w4 estimates those taxes. The IRS Form W4 and your withholding won't change your total tax liability. It does change when you pay those taxes.
apps.irs.gov/app/tax-withhold...
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Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE bit.ly/2Fo21Ry
Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.
TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™
Company Website: www.sicklehunter.com
twitter: @travissickle
Instagram: / travistsickle
Facebook: / sicklehunterfa
LinkedIn: / travissickle
Sickle Hunter Financial Advisors
1646 W Snow Avenue
Suite 144
Tampa, FL 33606
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#travissickle
You explained it very well and simple. Thanks
Yeah these forms AREN'T more simple. In the past if we wanted more money on the paycheck we just claimed more dependents. No math involved
these fucking rats made it harder. fuck them we all need to stop paying
Right. This mess is confusing
Can you still do that ?
Government makes everything worse
Im entering a job that has the option to exempt automatic fed taxes but tells you to file for a W4. It sounds attractive since I also work as a 1099 with the same company.
Thank you for the info Travis. So i have 2 jobs and 2 w2s. Do I repeat same informations on both w4s. Like source of income 1 and 2 on both w4s. And if my wife is working with her own w2 is that considered 3rd source of income?
Hey man I’m married with 1 son. I’m trying to get as much as I can on my paychecks. What should I put?
I needed a car loan from a car dealership and I needed to bring in my w2s last week and that got my stressed out asf till I came across some great comments about deelscafe💯💯.
wanted to know is if I clam more dependents will less money be removed from my paycheck not all this go to this chart so This is really know help want more of my money in my pocket, not let the gov have my money and draw intrest off it all year till they give my little chunk back at the end of the year. They are getting Intrest off your refund money thats yours
This didn’t help at all. Adding $20 to my check isn’t a larger check. I used to claim a bunch of allowances and really see my money but they took that away. Ughhh. They took a few thousand dollars from me last year and I only got a refund for $1300. It doesn’t add up.
That’s just your taxes not this walkthrough or the W4.
Can I include myself as a dependent? When it asks other dependents over 17.
And what if the max decitions or dependent can you claim
Hi. I’m currently enrolled in my employers pension program which takes a huge chunk from my paycheck. I’ve used the tax estimator and I would like to lower my refund and increase my check but not contribute anymore money to my retirement account. Is that possible to do without penalty?
Yes, you just have to figure out your tax liability and withhold that amount. The estimator adjusts it for you.
So if I wanted to get more money in 1 or 2 paychecks a year? What would I put in section 4b of the w4 so they don’t take all my money in taxes and it stays in my check?
Did you ever figure out the answer to that?
@@jermainemyrn19 No I didn’t, I would really like to know. It’s as if they made the form so that can’t happen, but it’s helpful sometimes. Any input on how to do that would be greatly appreciated. Thanks
If you have a tax credit coming, like the ITC for solar, are you ok to increase the number of dependents during the year, creating a liability, to offset the tax credit due? Seems it's not 'true' per the perjury statement, but how else can you create that liability to claim the ITC you are rightly entitled to claim?
You can, however, I would use the online estimator to double check your math. I did a video recently explaining this W4 "adjustment."
Hello I followed your instructions and use the IRS estimator to input my income, why do I have a number in box4a and box 4c
join the channel memberships and we can look into it more.
Hi Travis, I read the IRS is bankrupt and gives our money to foreign countries so freely and now under the IRS currently is under the US treasury department. I want a bigger paycheck by putting that money in the SP 500, qqq or my life insurance to build more equity to pay myself first for the rest of the year. What penalties will the IRS give me if they are bankrupt? Also, I do not consent they take my taxes from my paycheck at this time because I want to pay myself first and invest it better then government! I rather pay them in March of 2023. If I end up owning the IRS $2,300 for example around tax time. Any feedback from you would help. Thanks.
unfortunately, that is the law.
The IRS doesn't exist they were turned into the US treasury
I noticed you didn’t mention anything about dependents. I was told to claim something like 7 even though I only have 1 dependent in order to get more in my paycheck and little to no refund when taxes are filed. Thoughts?
I heard the same! Before many would claim married and 10! Now I guess you would have to multiply the 9 or 10 by the 2000 and put that amount. Thoughts?
That’s what I’m trying to figure out. With the old W4, I used to claim 9 allowances. Now I’m wondering if I should claim 9 dependents with this new job? Ugh
no, don't do that.
@@TravisSickle I think a couple of questions were asked. Which one were you saying “no don’t do that” too? LOL
@@TravisSickle Good job giving a detailed reply......
One of my employees is asking for "all 1's" in the exemptions, they want the biggest paycheck possible per pay period. I would assume that would mean all 0's, right? No extra money withheld?
not necessarily. You should not provide any guidance on the W4 to employees. But in any case, the best way is to fill out the online estimator. The old way for exemptions doesn't exist anymore.
If you claim exempt on your w4. You should have a larger check right?
The took that check box away. You should be able to exempt yourself n figure it out at tax time but the new form took that option away.
I searched w2 and all I see is w4, what's the difference?
thanks!!!
How would this work if you are a temporary worker who works sporadically and gets paid daily when the shift is over?
no good answer. Use the online estimator.
please ANSWER your loyal viewers below; thank you
These forms are so stupid and have made it extremely complicated. Im looking at this same withholding estimator and they've changed it since you made this video, asking so many detailed yet irrelevant questions
I need to make some new videos on updated estimator.
I increased my allowances from 0-2, but I unfortunately wound up owing (about $1000 between federal and state) at tax time.
you can check it after you adjust to make sure you're on track.
The old way was 1 for allowance claim and 1 for single filing. What the new way of saying this on the current w4?
Complete the online estimator. That's the way.
How can you properly use the estimator when you dont know what the knew job is actually going to pay you? Im also starting a new job later this novemeber of 2023 and i have to use the estimator based on numbers i do not have. What do i do
Estimate the numbers the best you can.
This is so confusing, Why do we have to do this now??😭😭
Super frustrating, on the IRS website, I keep getting an error message "Error: Date must be between 12/01/2021 and 01/02/2022" This makes no sense as it is asking for my most recent pay period ending. So does this calculator have to be a year prior?
The reason is because it’s the beginning of the year. The system isn’t updated. Just sign the bottom part and turn it into your employer essentially blank and then come back in about 2 weeks. Fill it out again and submit if changes are needed.
@@TravisSickle I figured the beginning of the year was the issue, but isn't this just a basic calculator to estimate where I will be?
@@Lawmandan81 yes. And just adding zeros everywhere may for for you but some people need to adjust it.
My fiancé makes $90k, doesn’t own anything that’s deductible. How much should she change on her W4 so she can get more back in her check
There are a few more things to consider. Saving into a retirement plan will reduce taxable income. Also, adjusting a w4 takes into account year to date withholdings.
@@TravisSickle thank you!
what about mandatory pension contributions
what about them?
traditional 401k sucks
How is this helpful anyone can go on irs website we want to know how to keep our money
Didn’t see overtime mentioned
what about it?
Mam they took 11% of my check and I filed exempt, smh
FICA taxes
**Change the title** * CLICK BAIT*
What were you expecting?
How do I file exempt
Why are you exempt?
Even if he’s not exempt, he will then have to pay all the taxes at the end of the year correct? And on top he might have to pay penalties for filing exempt, when he shouldn’t have filed exempt, right ?
Correct. It’s not a good idea to file exempt unless you meet the criteria.
But you can file exempt for a little while and change it later.
U can file except for like 3 to 6 months than change it back u won’t owe nothing ! . Done that already u just get less on taxes
This video does not even give the information it says it will in the title. Taking$250 out of your paycheck into an IRA, is not increasing the paycheck. It’s decreasing it. This was a waste of my time. I get thousands back in refund every year. I’m sick of giving the government an interest free loan. Why are my standard deductions so out of whack???
Contributions to your IRA help you reduce your taxes, which was in the title. The second part, get a bigger paycheck, is using the IRS form W4 for an accurate W4 which increases your paycheck. I agree, you shouldn't give the government a free loan. Head over to my discord channel, which is free for now, ,and we can probably help you more. My team also can do it for you and we have a link for that in the description. Hope this helps.
Can I contact you for help I do not understand
Yes, travis.sickle@sicklehunter.com
You can always become a U.S. National and pay NO TAXES to the U.S. Corporation......
Thanks for sharing
Can I include myself as a dependent? When it asks other dependents over 17.
No