Right, the education system should start teaching highschool students things that they actually need to know. Instead of teaching stuff like ex "Polynomials" that's something that actually don't really matter.
The fact that so many people mess up their taxes or don't know how to do them on their own is a deliberate aspect of our system. They don't want us to know about any of this. I've fucked up sooooo many of my tax documents with several jobs from simply not knowing what or how to fill it out properly. how the hell is this not an required class in high school? it's despicable.
Hello Majerli, I agree. There should be a basic finance course to go over taxes, banking, getting a car loan, college loans, etc. You learn how to drive but not how to handle your money.
You make more money off the unaware. If everybody knew how to then no one could be taken advantage of so easily. Adulthood has so many distractions....
Shout out to the education system for not teaching this before we got our first jobs and were astonished to found out on your first check that "they took my money"
This helped a lot, I'm 20 applying for my first ever real job (worked as a neighborhood swim team coach) and never had to fill one of these out before, it looked all so complicated until you explained that I only really needed to fill out 1 & 5 thank you so much!
[9:12am PST] @SaintOres.com Hey Steve, You can use the W4 tax Estimator to figure out how much is withheld and how much your check will be. They have a neat slider at the end where you can adjust your tax taken out. Here's a link to a video on the estimator to see how it works. ua-cam.com/video/q9DMfsxpTIc/v-deo.html
Your style of teaching is FANTASTIC. Nobody ever in my life has walked me through this form in such a straightforward manner. Nobody has ever even walked through this form in my presence ever and I am 35 years of age. I find it peculiar how nobody really teaches these things along the way in adolescence onward. My own parents never even sat me down to demonstrate any of this.
I filled out my w-4 exactly like this aside from the interest earned. I have zero federal withholdings. I have tried multiple times to fill this out correctly and there is ZERO being withheld. I thought if I had a w2 I'd at least have SOME taxes taken out.
Hello Artist,. Make sure you haven’t accidentally claimed exempt status on your W-4. No federal income tax will be withheld if you wrote “Exempt” on the form. Also, in Step 4 Adjustments: On the W-4 form, Step 4 allows you to make additional adjustments. You can specify an extra amount to be withheld from each paycheck if needed.
This was extremely helpful! One of my places of employment was bought out and asked for most of the staff to stay on. When he gave me this form I was/am extremely confused. When I asked him to look into it I got no assistance. My confusion lies mostly with section 2 after this video and it is where my question comes in: The job mentioned above is my second one, part time and bi weekly, and pays less then my fulltime. There is a line in section two that mentions that the highest paying job should be used instead of the lower paying one. Do I need to fill out section 2 at all then even if my highest paying job w2 is the old one? And if I can skip it, can I just fill out 1 and 5? My hours going to be different with the new ownership so I dont know how helpful my last year w2 will be either. Any help or advice would be greatly appreciated.
I did the calculator in the IRS website, to try to get my tax refund to zero. It told me to put money into the other income of w4. Well....wouldn't that mean the IRS gets more of my money during the year on income I didn't actually get? Like yeah....my refund will be zero, but I'll have paid taxes on income I didn't make?
Hi Flawlessvic, Yes, adding income to the "other income" section on the W-4 form increases your tax withholding. This means the IRS takes out more money from your paycheck each period to get your tax liability closer to zero. However, it might not accurately reflect income you haven't earned.
My job is only taking out maybe $7 to $15 each paycheck and it been doing that for the past two years. It's only me and my wife working only one job and we filing jointly. I don't understand why because my State will take out more than Federal. Am I doing something wrong?
Hello DKP, please get in touch with your HR department. They should be able to help. I don't have enough information to answer this type of question in the comment section. You could also try using the IRS tax estimator to see to get an exact amount. Here's the link... www.irs.gov/individuals/tax-withholding-estimator You're state might have something like this also.
So what if I already have a full-time job and I'm applying for a part-time job, and I'm filing married jointly I have three dependents do I still put on my W-4 form that I have multiple jobs
[1:29 PM PST] @SaintOres.com Hello Martin, Including a second job in your W-4 calculation is optional; it is not required. But it does help with withholding accuracy.
Ok so going to fill out a new 2022 W-4. Single, one job, no dependents. (Already got my 2021 refund back and got about $900 back.) So now that the standard deduction doubled and we don't do the 0 or 1 deduction on the new W-4 form any more, how do I indicate that I don't want so much withholding? TIA
[5:28pm PST] @TaxesbyKatie.com Hello Ms Pinecone, Welcome to the NEW W-4.... Try using the IRS tax withholding estimator (just recently updated). Here's the link. www.irs.gov/individuals/tax-withholding-estimator Better to take a few minutes now to make sure then to get a big tax bill or big refund when you file your taxes.
See I did mine right put 4000 for my 2kids n there not taking any federal income tax out I have no idea y someone else said cause I put 4000 for my 2kids and I should just put 0 cause i just claim my kids at the end of the year so I’m confused more now n I notice where it says allowances says 0 so idk 😊
[11:35 AM PST] @SaintOres.com Hello Jennifer, It is NORMAL that some people will NOT have tax withheld. This means that based on your filing and family status (dependents), you must have a higher income before you owe income tax. If you want taxes taken out, remove your dependents from your W-4. It should do it. You could also try using the IRS estimator which gives you a very accurate result. Here's the link: www.irs.gov/individuals/tax-withholding-estimator
Soo the cardinal rule I have heard over the years is that you can claim 1 being yourself l…. Is this actually true? I feel like no one has ever viviendo me a straight answer.
9:26am PST SaintOres.com Hello Ajai Beauty, It's straight answer time... Allowances have been removed from the redesigned Form W-4 (I think the IRS changed it in 2020). You can no any longer claim yourself. You get a standard deduction based on your tax filing status. I hope this helps.
I claimed 3 dependent at my job. I'm only making 19 a hour. But my job is not withholding federal or state taxes. My pay stubs says they are taking 0 on fed and state. Now I owe $1,022.00 to irs. Why? My employer said there system is correct and that I need to talk to a tax person . This never happen to me. They beating around the bush. What should I do? Thank you
Hello Myji, I hear of a lot of headaches with the new W-4. I have an older video that still works for a W-4 for single people. ( ua-cam.com/video/LUAq9m0IrqU/v-deo.html ). You could also just fill in steps 1 & 5, which is common for filing single. and revisit the W-4 after a couple of paychecks to make sure you are happy with the withholding. Or use the withholding estimator. www.irs.gov/individuals/tax-withholding-estimator This takes a few minutes but give the most accurate results. Good luck
Hello Luna, Form W-4S is a document used to request federal income tax withholding from sick pay. Give it to the third-party payer of your sick pay. You need to provide your name, address, Social Security number, and the amount of sick pay you expect to receive. Check a box to indicate your filing status. You can change your withholding or revoke it by completing a new Form W-4S.
[09:34am PST] @SaintOres.com Hello El Indigeno, No, only one spouse can claim the children in this situation. Custodial parents generally claim the qualifying children as dependents on their return.
[9:52am PST] @SaintOres.com Thanks Nayak. Glad it helped! And I like the things on your webpage. Gotta get me one of those Tote bags. nayakessentials.com
I know it's not the best saving strategy but we spend to much so I want to get more back at the end of the year. I know I should try and break even with the irs and put the rest in some account that pays me more over the year. But we always seem to find a good reason to spend the money. So I'm wanting the government to take way more out. So I can pay taxes a head and get a nice tax deposit during tax season. Ya don't come for me it work for my life style.
Hey Otto, it's always good to have a strategy... If you want to fine tune exactly how much you pay or don't pay to the IRS, try using the IRS tax estimator. Here's the link. www.irs.gov/individuals/tax-withholding-estimator
Hello Starboy, Filling out a Form W-4 for a youth employment program does not automatically mean that you will receive a tax return mail from the IRS. A Form W-4 is used by your employer to withhold the appropriate amount of federal income tax from your paycheck based on the information you provide on the form. The purpose of the W-4 is to ensure that you are paying the correct amount of tax throughout the year so that you do not owe a large amount at tax time or receive a large refund.
Hello Isabel, Please use the IRS Tax Withholding Estimator: The IRS offers a helpful online tool (www.irs.gov/individuals/tax-withholding-estimator) to estimate your total tax liability based on your income, filing status (Married Filing Jointly in your case), and deductions. The estimator will suggest adjustments you can make to your W-4 to ensure you're withholding the right amount.
I had a refund of $4000.00. How can I have $4000.00 less taken out of my taxes. Do I put that in 4B? Is that an annual deduction? Or should I put in what I want them to take less monthly out? Everything else was filled out correctly. I do not want to change anything else just have them take $4000.00 less out.
Hello Marc8vino, If you want less taxes taken out of your paycheck, here's how you might adjust your W-4. Increase the number of dependents. Reduce the number on line 4(a) or 4(c). Increase the number on line 4(b). Try using the IRS withholding tax estimator. You can make adjustments and see how these adjustments affect your withholding. Use the results from the estimator to determine what information to put on your W-4. Please look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[9:02am PST] @SaintOres.com Yes, that is the government's job. To make confusing forms and wait for people on UA-cam to make videos on how to fill them out.
@@KatieStOresCFPChFCEA OH my.!!!!! I will be starting a job tomorrow at this big aerospace Corp. I'm thankful for you and your time to explain this messy form.
Hello Franzy, No you don’t have to claim your children on your W-4 if your husband is already claiming them. Only one parent should claim the children as dependents for tax purposes. Typically, it’s the higher earner who claims the dependents to maximize the tax benefits
was having a mental break down trying to figure out what i was suppose to do. i got a phone call from my first job and they told me i needed a w4. i was so lost thank you for this video
Wow thank you so much for explaining this form. It always scares me to fill out this form. I have a better understanding through your video of how I need to fill it out. Also explaining what sections are required and optional is a BIG help. I thought all the sections needed to be filled out. Thank you Thank you!
[3:48pm PST] @SaintOres.com Hello Truth, You do not send the W-4's anywhere. You, as an employer keep them. They are for your use when you run payroll. The IRS requires employers to keep employee W-4s on file for at least four years, and some states have additional requirements.
Hello Augibee, Yes... Here is a link to a single person with no dependents. It's a little old but the form hasn't changed. ua-cam.com/video/OYOTRWCdSV8/v-deo.html
What if I have a court order in a divorce? It says I am to claim 1 child and he claims the other but they both live with me and I provide for them more? I also have sole custody of them both and they are under 17 yrs of age. Thank you
Hello Coletti, Since you have sole custody and the children live with you, you are considered the custodial parent. Generally, the custodial parent always claims the children as dependents on their tax return. Even if the court order states that your ex-spouse can claim one of the children, the IRS typically requires the custodial parent to sign Form 8332, which releases the claim to the noncustodial parent. The noncustodial parent cannot claim the child as a dependent without this form.
I dug up a link the the IRS rules. Here's the link: www.irs.gov/newsroom/claiming-a-child-as-a-dependent-when-parents-are-divorced-separated-or-live-apart
OMG ALL I WANT TO KNOW IS HOW TO FILL OUT THE W4 OR MY WIFE SO THEY TAKE OUT TAXES ON HER PART TIME JOB, WE CAN NOT ESTIMATE WHEN SHE WILL WORK OR HOW MUCH SHE WILL MAKE,,,, MY GOODNESS, WHY CAN THIS BE SIMPLE. WE GOT SCREWED WHILE DOING MY 2022 TAXES BECAUSE THEY TOOK NOTHING OUT IN 2022... H E L P
[11:59am PST] @SaintOres.com Hello Merlin, It's the government's job to make crazy forms. Since you can't estimate when your spouse will work or how much she will make, you can start making estimated (quarterly) payments throughout the tax year. It will help with your tax bill in April. The new and improved tax withholding estimator might help you also to walk through. Here's the link. www.irs.gov/individuals/tax-withholding-estimator Good lluck.
Hello Katie, thank you for the video and hope you're still responding to questions. I got married last year and need to update W-4 but procrastinated because I'm unsure of how to fill it out. I've always had "0" witholding and want to keep it this way to maximize my refund. I am employed. My wife is technically still employed but disabled and does not receive any financial assistance since her disability ran out. Can you please explain the simplest way to fill out the form to keep me/us with no witholding. I'm assuming my wife will have to file a new form at some point as well. Thank you, Ben
[2:05pm PST] @SaintOres.com Hello Ben, You can claim an exemption from withholding on your W-4 IF you have had no tax liability for the previous year and must expect no tax liability for the current year. You have to file an exemption status every year. You will need to review your W-4 when your wife goes back to work, making sure your will have appropriate withholding due to increase in income.
Hi Katie. How are you this evening? Great video and it really helped me and my wife better understand how to do this accurately. I had a question about what my wife needs to put on her W-4. Our salaries are very different and we were wondering do we use the same number on both our W-4’s? Our number was $322 but as a school teacher she earns about half what I do in IT. How do we make our W-4’s proportional to our salaries? Please let us know.
[10:44am PST] @SaintOres.com Hello Johnny, The Step 4(c) extra withholding amount of $322 will go on the W-4 of a higher earner (yours); the other spouse can complete Steps 1 and 5 only.
Hey Hollywood, Sorry to hear your 'lost'. Give the tax estimator a shot. The IRS redid it a few months ago. They will walk you thru it. Here's the link - www.irs.gov/individuals/tax-withholding-estimator
We need an example of one filled out just sample numbers so we more or a better idea of what we are working with and what to specifically put down on the form please thank you. Or a quick cheat sheet.
Hello King, I have an extended version of the W-4 video which walks you through the worksheet. Here's the link" ua-cam.com/video/fpq8jSB5NpY/v-deo.html OR you could use the IRS tax estimator and get a very accurate number. Here's that link: www.irs.gov/individuals/tax-withholding-estimator
[10:15 AM PST] @SaintOres.com Hello M, Since you have three kids, you will need to complete Step 3; 3x2000, Line 3 =3,000. Don't forget about Steps 1 and 5, which are required. I hope this helps.
[4:29pm PST] @SaintOres.com Hello Jacqueline, Allowances have been removed from the redesigned Form W-4. You can't claim yourself any more. Try using the IRS withholding tax estimator. You can make adjustments and see how these adjustments affect your withholding. Use the results from the estimator to determine what information to put on your W-4. Please look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[10:42am PST] @SaintOres.com Hello Busting, Allowances have been removed from the redesigned Form W-4. You can't any longer claim yourself or your spouse. You get a standard deduction based on your tax filing status.
Hello! Can people just do section 3, and leave section 2, and 4 alone? Are they individually optional, or if one is skipped then skip them all, and go to step 5? Thank you!
[11:02am PST] @SaintOres.com Hello Bleeds Black, Steps 1 and 5 are mandatory. Steps 2, 3, and 4 are optional, BUT it helps with more precise withholding. You can skip just Step 2 or Step 3, or all of them together.
[1:05pm PST] @SaintOres.com Hey Yanlito, That is one of the main jobs of the IRS, to confuse people. It is NORMAL that some people will NOT have tax withheld. This means that based on your filing and family status (dependents), you must have a higher income before you will owe income tax. If you want taxes to be taken out, on W-4 in Step 4(c) Other Adjustments you can include any additional amount you want to be withheld from each pay period. You could always use the IRS Tax estimator to check. www.irs.gov/individuals/tax-withholding-estimator
@@KatieStOresCFPChFCEA thanks means a lot so i taught i did something wrong does this mean ima have to return back money? even if my income was not as much for 2 dependents ?? thaNKS AGAIN
[12:35pm PST] @SaintOres.com Hey Yanlito, I can't tell you what your tax outcome for the year will be since I don't know your income level, family situation (based on the information you're provided), etc... you might not have a tax liability. Having two dependents helps.
Hello I am stuck on step 4 extra withholding. I don’t know what to put on that is it the amount that I want IRS to withhold. And also I am not claiming anyone should i put zero and my Irs will deduct lot on my paycheck. The reason i askwd this because i just notice on my paycheck Federal (N/A) State has amount of deductions.
[4:09pm PST] @SaintOres.com Hello Theresa, You can complete only Steps 1 and 5, in this case your withholding will be computed based on your filing status's standard deduction and tax rates, with no other adjustments. If you want the most taken out of your paycheck, you can add an extra withholding amount for each pay period. That will be in Step 4(c). The best way to calculate the additional withholding amount is to use the IRS withholding tax estimator. You can make adjustments and see how these adjustments affect your withholding. Use the results from the estimator to determine what information to put on your W-4. Please look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[12:35pm PST] @SaintOres.com Hello Chi, I don't know your situation, but you can claim the head of household status if a qualifying person has lived with you in the home for more than half the year, and you paid more than half the cost of keeping up a home for the year. If you don't have a qualifying dependent, you would file single.
For some reason I do not understand, I filled out a W-4 for each of the two jobs I have yet no taxes are being withheld! I do not understand the new W-4; the previous one was so simple. I hate that it was changed.
[2:14pm PST] @TaxesbyKatie.com Join the club. Lots of people don't like the new form. It's possible that you won't have anything withheld, but just to make sure, try using the IRS tax withholding estimator (recently updated). Here's the link. www.irs.gov/individuals/tax-withholding-estimator Better to take a few minutes now to make sure then to get a big tax bill when you file your taxes.
For the address part on the W4. I am a college student where this a mailbox on campus. Should I put my campus address or my home address (where my parents live).
[4:23pm PST] @TaxesbyKatie.com Hey Tristan, Either address should work. Your W-4 address only has an impact with your employer. Your employer should have your correct address so they can mail you your W-2.
[9:51am PST] @SaintOres.com Hello Glenn, Head over to the IRS W-4Tax estimator and mess around with the numbers. You can find out in real time how the numbers change your withholding. Here's the link. www.irs.gov/individuals/tax-withholding-estimator
Hello Zachary, The IRS defines a dependent as a qualifying child who meets certain criteria. Qualifying Child: To be considered a qualifying child, the individual must meet the following criteria: Relationship: The individual must be the taxpayer's child, stepchild, foster child, sibling, stepsibling, or a descendant of any of them (e.g. grandchild). Age: The individual must be under age 19 or a full-time STUDENT under age 24, or permanently and totally disabled at any age. Residency: The individual must have lived with the taxpayer for more than half of the year. Support: The individual cannot provide more than half of their own support during the year. Joint Return: The individual cannot file a joint tax return with their own spouse, unless it is only to claim a refund of taxes withheld and they would not have a tax liability if filing separately.
@@KatieStOresCFPChFCEA Ok it looks like at the moment the induvial cannot provide more than half of their own support. we pay rent, food, clothes etc... is there a certain amount they have to make that would prevent me from claiming them on my W4 for work? or is that enough to claim them?
Try this... The IRS offers a neat little online app to walk you through who is and is not a dependent, here is the link. www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent
I need a tax professional to fill out these forms. This is crazy 🤪 Dose private contractor jobs need to be added? If so My husband has one job and I have 4.
[9:52am PST] @SaintOres.com Hello Rashell, You do not include income from contractors' jobs on your W-4, just W-2 income. And in Step 4(a), other income that is NOT from jobs: ex: interest, dividends, and retirement income.
@@KatieStOresCFPChFCEA Thank you, I haven't gotten any income from my two jobs yet and my husband's W-4 was filled out in the early 80's Will I need that info?
[10:44am PST] @SaintOres.com Once you get your pay info from your new jobs, you and your husband should fill out new W-4's. If things change in your life, there is nothing to prevent you from submitting another W4. You don't want a big TAX SURPRISE when you file your income taxes.
[10:39am PST] @SaintOres.com Hey Timothy, I've found that many people don't like the new form. But you can fill out just 1 and 5, then review everything after a couple of paychecks to see if it looks correct. You can always submit another W-4 if you're unhappy. The other way to do it would be to use the IRS tax estimator on the IRS website. Here's the link www.irs.gov/individuals/tax-withholding-estimator. It was recently updated and supposedly "easier" to use.
Hi Katie - My wife just got a new job and has completed her W-4 claiming 0. I will start a new job in March and will need to fill out a W-4. Since we will both be working, I believe we can now claim 1 on each of our forms. Correct? My wife will just be updating her current form to reflect 1 instead of 0. I will claim 1 on mine. Would we need to complete the Multiple Jobs Worksheet? We have been filing "Married Filing Jointly". I should add that my wife's salary will be greater than mine. GREAT work, on your "how to" videos. I would sincerely appreciate a quick response if possible. Thank you kindly! Alan
[2:33pm PST] @TaxesbyKatie.com Hello Alan, You are talking about allowances (claiming 0 or 1)? If YES, then just so you are aware, the IRS removed withholding allowances on the new W-4 form. You will need to use the multiple jobs worksheet to get your withholding correct. The best route is to use the IRS withholding tax estimator (which was just recently updated) instead of worksheets. Use the results from the estimator to determine what information to put on your W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[12:35pm PST] @SaintOres.com Thanks Keith, I'm glad it was helpful. The Gov't tried to make the W-4 less complicated with this new version, and I think they confused people more.
So for step 2 c. I have 2 jobs but my full time job is 29k a year and the other is only 9k a year. I’m married but is filing separate so just confused on if I should check the box
[9:52am PST] @SaintOres.com Hey Elija, Checking the box in Step 2(c) makes sense when your jobs are close in pay. Also, if you want to increase your withholding checking you can check that box. Hope this helps.
I claimed one child ($2,000) but they are only taking approx $40 out for federal. This is way different from a previous job. Do you know why the difference? I have talked to HR but they said they cannot help on that and to talk with a tax specialist.
Hello City, I can't tell you why it is different. I don't have access to your financial documents. Try using the IRS withholding tax estimator. You can make adjustments and see how these adjustments affect your withholding. Use the results from the estimator to determine what information to put on your W-4. Please look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator Or you could contact a local tax accountant and schedule an appointment. Good luck!
Hi, Katie! WONDERFUL VIDEO!!! However, I'm a bit confused. My wife does not work due to permanent medical reasons but we file "married, filling jointly"...can I claim her as a dependent? I ask because of the part in the video where you suggested that "Grand parents can be claimed as a dependent. Thanks!
[10:14am PST] @SaintOres.com Hey Hands On, You can't claim your spouse as a dependent even if your spouse is not working and you provide all of the financial support. You can claim your grandparent/parent because you are not married to this person who files a joint return with you.
My ex-employer had me fill out a W4 when I started in Oct ‘22 but the following Jan ‘23 I received a 1099. Thus making me a ‘freelance’ hire. I had to pay all the taxes for Nov-Dec ‘22. Was that even remotely legal?
Hello M, In general, it is not correct for an ex-employer to have a person fill out a W-4 and then issue a 1099. The IRS has specific criteria that must be met in order for someone to be classified as an independent contractor. If a person was treated as an employee for part of the year and then as an independent contractor for the rest of the year, the ex-employer MAY have violated the IRS's rules. It might be best to give your local IRS office a call.
[12:31pm PST] @TaxesbyKatie.com Hello Janice, You cannot claim yourself on the new W-4. Try using the IRS tax withholding estimator (just recently updated). Here's the link. www.irs.gov/individuals/tax-withholding-estimator Better to take a few minutes now to make sure then to get a big tax bill or a big refund when you file your taxes.
[12:33pm PST] @TaxesbyKatie.com (Forgot to mention) The biggest change to the new W-4 form is that you don't claim withholding "allowances" anymore, and exemptions deductions also were eliminated. You are getting a standard deduction based on your filing status.
[12:55pm PST] @SaintOres.com Hello Gustavo, You can claim your wife's brother as a (non-child) dependent for a $500 credit if he satisfies the eligibility requirement. The qualifying relative must have made less than $4,400 in gross income during 2022. You must have provided more than half of the individual's total support during the year and he must not be claimed as a dependent by another taxpayer and also not file a joint return with another taxpayer.
[2:26pm PST] @SaintOres.com Hey Gustavo, No, you do NOT include his wages on your taxes. Even if you claim him as a dependent, he will generally need to file his own 2022 tax return if he earned over $12,950 for the year. However, even if his income falls below this limit, he might want to file his tax return to get a refund of any federal or state taxes withheld from his paychecks.
Okay one more question if my federal gross is only around 700 or more from year to date am I going to have to pay taxes for it when I file? And is the reason why it's so low because I put my brother-in-law has a dependent?
[4:00pm PST] @SaintOres.com Gustavo, I think you now own the record for most questions asked... I can't give you an estimated tax projection on your tax outcome when you file next year. I don't have enough information. But you can use one of the numerous estimated tax calculators online. Including your brother-in-law on your tax return just gives you a credit of $500 for a dependent relative.
Hello RØB, Here's a little info on Box 4c... Form W-4 is a tax form used by employees to provide their employer with information on how much federal income tax to withhold from their paychecks. Box 4c of Form W-4 asks for the employee's "Extra withholding amount." This box is used if the employee wants to have additional federal income tax withheld from their paychecks beyond what would normally be withheld based on their filing status, number of dependents, and other information provided on the W-4 form. The amount entered in Box 4c is added to the amount calculated based on the employee's other W-4 information, and the total amount is then withheld from the employee's paycheck and sent to the IRS as a prepayment of their federal income tax liability for the year. NOTE**** It's important to note that withholding too much tax can result in a large refund at the end of the year, while withholding too little can result in a tax bill and possibly penalties. Therefore, it's important to carefully consider the amount to enter in Box 4c and to regularly review and update your W-4 form as needed to ensure accurate withholding.
@@KatieStOresCFPChFCEA ohhhh I’m understanding, wow. Then what do you recommend to put on step 4 letter (c)? That’s what McDonald’s sent to me. So how much should I put there?? I’m going to earn $14.30. It’s okay if I put 0.00 ?
Yes, that would be fine to put that on 4c. Just remember to keep an eye on your withholding on your paycheck. If you see something that doesn't look correct, you can always fill out another w-4 down the road. There is also the IRS W-4 withholding estimator that gives you very accurate numbers. Here's the link to that. www.irs.gov/individuals/tax-withholding-estimator
For my federal tax withholding says 0 on my paycheck which messed me up come tax season. I just want everything to be standard. How do I change that? HR won’t help me. Thanks.
Hi Michy, To ensure you're withholding the correct amount of tax from your paycheck, you can use the IRS Tax Withholding Estimator tool available at www.irs.gov/individuals/tax-withholding-estimator. This tool will help you estimate how much tax you should have withheld. Once you have the estimate, you can adjust your W-4 form accordingly and submit it to your HR department as soon as possible. If you've missed some withholding, you can make an estimated tax payment to catch up on the missed amount.
So I’ve never noticed on my paystabs my fed tax income was never taken. It is just empty spot , not even 0. So I ended up owing money this year,over $1350. That made me to start doing my research on taxes. Just a couple years ago I moved from Europe to US, and I have no clue what is about and how it’s done. So what should I do on form w4 to my fed tax income being taken finally? I’d really appreciate if someone replies
Hello Victoria, If your Form w-4 is incorrect, you'll pay either too little or too much withholding. Both of which are not good. Try using the IRS tax withholding estimator. It will walk you through the W-4 from so that you get an accurate result. Here is the link. www.irs.gov/individuals/tax-withholding-estimator
I'm totally confused. Married filing jointly but my husband had disability income and w We had a minor getting a disability income also. How will I put on my W-2 form if his getting the check montly and mine is every other week?
Hi Aisline, Your W-2 form only reflects your own income, not your spouse's or any dependents'. So, your W-2 will only show the income you earned. Not sure what you are asking. Did you mean W-4? If so...... If you and your husband have similar incomes, it's recommended that you complete your W-4 forms in the same way, regardless of pay frequency. Keep in mind that the W-4 is just an estimate, and you can adjust it during the year if your circumstances change.
Hi there Katie! Thank you so much for taking the time to share this video. You were clear, direct, thorough, and fast. I was wondering if self employment is to be included on the form? My husband and I live in WI, he has self employment, I have 2 jobs plus 1 self employment position.
Hello Ali, You'll have to fill out your W-4 with your combined income in mind, including self-employment. This will ensure that you don't underestimate your withholding rate. The income from self-employment doesn't go on W-4, but you have to adjust your Extra withholding section (Step 4C) - added amounts here will increase your withholding.
I have a question I’m filling mine at the moment . The question “Do you claim exemption from federal income tax withholding?” What does this mean ? I’m filling single with 0 dependents
[1:31pm PST] @SaintOres.com Hello A..., Exemption from withholding means you will not have taxes withheld from your paycheck. To qualify for this exempt status, the employee must have had no tax liability for the previous year and must expect to have no tax liability for the current year.
Hello, Katie, In 2023 I add my mom and dad as a dependent $500 for each totally $1000. I have a doubt, is this better to add the dependent on w-4 or on w-2 to have more refund taxes? Please give me advise, I talked with one accountant, he said is good 9n w-2 but other said put them on w-2. Now I'm confused what to do? Please kindly help me in this. Thanks a lot.
Hello Daronta, Whether to claim your parents as dependents on your W-4 or your tax return (W-2 is a form issued by your employer, not for claiming dependents) will depend on your personal tax situation and goals. Claiming your parents as dependents can potentially provide you with certain tax benefits. If you choose to claim your parents as dependents on your W-4, your employer will withhold less federal income tax from your paycheck, which can result in more take-home pay throughout the year. However, you should make sure to accurately estimate the amount of tax you owe for the year, since claiming too many dependents on your W-4 can result in owing taxes at the end of the year or facing penalties for underpayment of taxes. If you choose to claim your parents as dependents on your tax return, you will receive the tax benefits when you file your taxes. You will need to provide documentation to prove that your parents meet the criteria to be claimed as dependents, such as providing more than half of their financial support and meeting the other eligibility requirements. It's always a good idea to consult with a tax professional or accountant who can evaluate your individual tax situation and provide personalized advice on whether to claim your parents as dependents on your W-4 or tax return.
[4:25pm PST] @SaintOres.com Hey MW, To qualify for this exempt status, you must have had no tax liability for the previous year and must expect to have no tax liability for the current year.
[4:25pm PST] @SaintOres.com MW, You can claim exempt on your W-4 if you want to. But you'll have no income tax withheld from your paycheck, and you probably owe taxes when you file your return. You might be hit with an underpayment penalty, too. An exemption is also good for only one year, so you must reclaim it each year.
[4:08pm PST] @TaxesbyKatie.com Hello Lisa, Thanks for the comment. I took some time to go over step 4c in the extended version of this video (ua-cam.com/video/w3oPHhUnj1Y/v-deo.html). But in general, I suggest people use the IRS tax estimator in situations that require extra withholding.
The format has changed and haven't filled one of these since 2017. Was confused a bit and was looking where I could put 0 dependents since I'm still single.
Not sure I did me and my new wife right because we both ended up getting more taking out our paycheck. Used the calculator and I think I'm witholding more. Need some help
[2:05pm PST] @SaintOres.com Hello Truth, The first place to check is Step 4(c) on you and your spouse's W-4. If you have too much federal tax withheld, you might have an amount for extra withholding set.
[12:15pm PST] @SaintOres.com Hello Ryan, Sorry about that. I've only done a video on single with ONE job. What you could do is try using the IRS withholding tax estimator (which was just recently updated). You can also make adjustments and then see how these adjustments affect your withholding. That way you can dial it in. Use the results from the estimator to determine what information to put on your W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[10:14am PST] @SaintOres.com Hello Marcel, The biggest change to the new W-4 form is that you don't claim withholding "allowances" anymore, and exemptions deductions also were eliminated. You are getting a standard deduction based on your filing status. Try using the IRS tax withholding estimator (just recently updated). Here's the link. www.irs.gov/individuals/tax-withholding-estimator Better to take a few minutes now to make sure then to get a big tax bill or a big refund when you file your taxes.
I make a small income aside from my regular 9-5 through my business if e-commerce sales on eBay and PayPal. Should I withhold taxes on this additional income using box 4(a) or 4(c)? I saw that side gig income should not be put in 4(a) but I’m sure this classified as “side gig”. Thanks in advance for your help.
[9:45 AM PST] @SaintOres.com Hello Kyle, I can provide information and guidance, but I cannot provide personalized tax advice. It's always best to consult a tax professional for specific advice tailored to your individual circumstances. In general, income from a side gig or self-employment should not be reported on Form W-4, which is used by employers to withhold federal income tax from their employees' paychecks. Instead, you may need to make estimated tax payments or adjust your withholding on your Form W-4 using the IRS Form 1040-ES. If you are earning income from eBay and PayPal or your "side gig", you may be considered self-employed and subject to self-employment tax. This includes both Social Security and Medicare taxes. Depending on the amount of income you earn, you may be required to make estimated tax payments throughout the year. Again, I strongly suggest seeking advice from a tax professional or accountant for specific guidance on how to report and pay taxes on your "side gig".
[10:44am PST] @SaintOres.com Hello TEEPOLO, It makes a difference if your spouse is a US citizen residing in a different country or a nonresident alien. The rules applicable in those cases are different.
Hello!! Trying to figure out how to fill this form out. Married filing jointly, both have jobs, my husband makes way more money. We have 1 child. If he claims the child I would only have to full out steps 1 and 5?
[10:54am PST] @SaintOres.com Hey Katie, Since your husband makes significantly more, it makes sense for him to claim your child. Then, you will need to complete only Steps 1 and 5. You can always update your W-4 at any time during the year.
Hello! Both my wife and I have jobs but she will quit later this year since she’s giving birth to our 3rd child. We have 2 kids as of now under 17. When my 3rd child is here should I claim 3 dependents ($6000) on my w4? I don’t want to owe like I did for 2021. Would this cause me to owe money? Should I not claim them at all on my w4 so the irs withholds the most amount so I don’t owe?
[4:08pm PST] @TaxesbyKatie.com Hello Gerardo, A lot depends on your income level, but claiming another child on your W-4 will reduce your withholding. The best route is to use the IRS withholding tax estimator (which was just recently updated). Use the results from the estimator to determine what information to put on your W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[10:20am PST] @TaxesbyKatie.com Hey Harry, Yes, your form is ready. Since only Steps 1&5 are mandatory. Just don't forget to date and sign the form. Then get back to playing The Tower....
[5:23pm PST] @TaxesbyKatie.com Hello Derica, There is no 0 or 1 anymore. To have extra withholding taken out, enter an amount into 4c. The best route is to use the IRS withholding tax estimator (which was just recently updated). Use the results from the estimator to determine what information to put on your W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
I have a question, I saw some people say when you’re marked as a dependent (I am a dependent on my mom’s taxes) you can’t file exempt? Is this true? I live in Maryland
Hello J.m4a1, I would like to clarify that claiming "exempt" from federal income tax withholding on your W-4 form is not solely based on being claimed as a dependent on someone else's tax return. It depends on your specific circumstances as a dependent. Additionally, it's worth noting that my response only pertains to federal taxation and not to Maryland's tax laws. Please, contact your local tax professional.
This should be taught in 11th and/or in 12th grade in highschool. High School really doesn't prepare you for the real world.
[11:31am PST] @TaxesbyKatie.com
Hello Tanner, I don't think any school prepared me for the real world. They just throw you out there.
The government doesnt want well educated slaves, look at the world today. People still think the government has their best interests.
Right, the education system should start teaching highschool students things that they actually need to know. Instead of teaching stuff like ex "Polynomials" that's something that actually don't really matter.
I was taught in High School. I don't think they teach many things anymore, which is really sad. It's up to us the parents to teach our kids .
Schools have actually tried to but kids don't seem to have an "interest" in it. They ignore the teacher or fall asleep
The fact that so many people mess up their taxes or don't know how to do them on their own is a deliberate aspect of our system. They don't want us to know about any of this. I've fucked up sooooo many of my tax documents with several jobs from simply not knowing what or how to fill it out properly. how the hell is this not an required class in high school? it's despicable.
Hello Majerli, I agree. There should be a basic finance course to go over taxes, banking, getting a car loan, college loans, etc. You learn how to drive but not how to handle your money.
You make more money off the unaware. If everybody knew how to then no one could be taken advantage of so easily. Adulthood has so many distractions....
Shout out to the education system for not teaching this before we got our first jobs and were astonished to found out on your first check that "they took my money"
[1:13pm PST] @TaxesbyKatie.com
Yes Supreem, They should have a class called "Stuff you're gonna really need to know that's not theory."
@@KatieStOresCFPChFCEAWell said
Exactly!!
I like to think "stole" my money. A-holes govt/IRS
This helped a lot, I'm 20 applying for my first ever real job (worked as a neighborhood swim team coach) and never had to fill one of these out before, it looked all so complicated until you explained that I only really needed to fill out 1 & 5 thank you so much!
[3:08pm PST] @SaintOres.com
Thanks Yeet, Glad it helped! And good luck in your first "real" job.
Same
)
EDD form
Your not the only one im starting my first job ever and i have never filled out a tax form before
Thanks for the w4 instructions. Can you show us how to calculate how much will come out of my check though?
[9:12am PST] @SaintOres.com
Hey Steve, You can use the W4 tax Estimator to figure out how much is withheld and how much your check will be. They have a neat slider at the end where you can adjust your tax taken out. Here's a link to a video on the estimator to see how it works. ua-cam.com/video/q9DMfsxpTIc/v-deo.html
BEST AND ONLY VIDEO I FOUND EXPLAINING LIKE YOU SHOULD! Thank you
[12:05pm PST] @SaintOres.com
Thanks Leticia, I appreciate the nice comment. Glad you liked it!
Hey I'm trying to work remotely, if you can get me the job from USA I will work remotely and you get a cut for doing nothing!
Your style of teaching is FANTASTIC. Nobody ever in my life has walked me through this form in such a straightforward manner. Nobody has ever even walked through this form in my presence ever and I am 35 years of age.
I find it peculiar how nobody really teaches these things along the way in adolescence onward. My own parents never even sat me down to demonstrate any of this.
Thanks Belleza, for the wonderful Comment. I do my best to make all government forms easy to fill out. It's not glamorous, but someone has to do it.
Just got my first job and was struggling really hard to fill this out, thank you so much :')
I wish school or my parents taught me about this
Thanks Anoski, I agree with you. One of the most common comments I get is asking 'why doesn't anyone teach this stuff in school'.
I filled out my w-4 exactly like this aside from the interest earned. I have zero federal withholdings. I have tried multiple times to fill this out correctly and there is ZERO being withheld. I thought if I had a w2 I'd at least have SOME taxes taken out.
Hello Artist,. Make sure you haven’t accidentally claimed exempt status on your W-4. No federal income tax will be withheld if you wrote “Exempt” on the form.
Also, in Step 4 Adjustments: On the W-4 form, Step 4 allows you to make additional adjustments. You can specify an extra amount to be withheld from each paycheck if needed.
This was extremely helpful! One of my places of employment was bought out and asked for most of the staff to stay on. When he gave me this form I was/am extremely confused. When I asked him to look into it I got no assistance. My confusion lies mostly with section 2 after this video and it is where my question comes in:
The job mentioned above is my second one, part time and bi weekly, and pays less then my fulltime. There is a line in section two that mentions that the highest paying job should be used instead of the lower paying one. Do I need to fill out section 2 at all then even if my highest paying job w2 is the old one? And if I can skip it, can I just fill out 1 and 5? My hours going to be different with the new ownership so I dont know how helpful my last year w2 will be either.
Any help or advice would be greatly appreciated.
How much is a sucscription?
This is more useful then others out there who just explains but not showing how
[3:28pm PST] @SaintOres.com
Thanks Joie, I'm glad you found it useful and let me know.
On step 3, I have 3 kids so line 3 would be $6000?
Also, what if my husband has already added our dependents? Do I skip this step then?
Yes Brittany, that is exactly correct.
I did the calculator in the IRS website, to try to get my tax refund to zero. It told me to put money into the other income of w4. Well....wouldn't that mean the IRS gets more of my money during the year on income I didn't actually get? Like yeah....my refund will be zero, but I'll have paid taxes on income I didn't make?
Hi Flawlessvic, Yes, adding income to the "other income" section on the W-4 form increases your tax withholding. This means the IRS takes out more money from your paycheck each period to get your tax liability closer to zero. However, it might not accurately reflect income you haven't earned.
My job is only taking out maybe $7 to $15 each paycheck and it been doing that for the past two years. It's only me and my wife working only one job and we filing jointly. I don't understand why because my State will take out more than Federal. Am I doing something wrong?
Hello DKP, please get in touch with your HR department. They should be able to help. I don't have enough information to answer this type of question in the comment section. You could also try using the IRS tax estimator to see to get an exact amount. Here's the link... www.irs.gov/individuals/tax-withholding-estimator You're state might have something like this also.
So what if I already have a full-time job and I'm applying for a part-time job, and I'm filing married jointly I have three dependents do I still put on my W-4 form that I have multiple jobs
[1:29 PM PST] @SaintOres.com
Hello Martin, Including a second job in your W-4 calculation is optional; it is not required. But it does help with withholding accuracy.
Ok so going to fill out a new 2022 W-4. Single, one job, no dependents. (Already got my 2021 refund back and got about $900 back.) So now that the standard deduction doubled and we don't do the 0 or 1 deduction on the new W-4 form any more, how do I indicate that I don't want so much withholding? TIA
[5:28pm PST] @TaxesbyKatie.com
Hello Ms Pinecone, Welcome to the NEW W-4.... Try using the IRS tax withholding estimator (just recently updated). Here's the link. www.irs.gov/individuals/tax-withholding-estimator Better to take a few minutes now to make sure then to get a big tax bill or big refund when you file your taxes.
See I did mine right put 4000 for my 2kids n there not taking any federal income tax out I have no idea y someone else said cause I put 4000 for my 2kids and I should just put 0 cause i just claim my kids at the end of the year so I’m confused more now n I notice where it says allowances says 0 so idk 😊
[11:35 AM PST] @SaintOres.com
Hello Jennifer, It is NORMAL that some people will NOT have tax withheld. This means that based on your filing and family status (dependents), you must have a higher income before you owe income tax. If you want taxes taken out, remove your dependents from your W-4. It should do it. You could also try using the IRS estimator which gives you a very accurate result. Here's the link: www.irs.gov/individuals/tax-withholding-estimator
Soo the cardinal rule I have heard over the years is that you can claim 1 being yourself l…. Is this actually true? I feel like no one has ever viviendo me a straight answer.
9:26am PST SaintOres.com
Hello Ajai Beauty, It's straight answer time... Allowances have been removed from the redesigned Form W-4 (I think the IRS changed it in 2020). You can no any longer claim yourself. You get a standard deduction based on your tax filing status. I hope this helps.
I claimed 3 dependent at my job. I'm only making 19 a hour. But my job is not withholding federal or state taxes. My pay stubs says they are taking 0 on fed and state. Now I owe $1,022.00 to irs. Why? My employer said there system is correct and that I need to talk to a tax person . This never happen to me. They beating around the bush. What should I do? Thank you
Not everyone are married or have kids this video is not for me... Because after watching this I have more questions what a headache 😫
Hello Myji, I hear of a lot of headaches with the new W-4. I have an older video that still works for a W-4 for single people. ( ua-cam.com/video/LUAq9m0IrqU/v-deo.html ). You could also just fill in steps 1 & 5, which is common for filing single. and revisit the W-4 after a couple of paychecks to make sure you are happy with the withholding. Or use the withholding estimator. www.irs.gov/individuals/tax-withholding-estimator This takes a few minutes but give the most accurate results. Good luck
What about w4s ?
Hello Luna, Form W-4S is a document used to request federal income tax withholding from sick pay. Give it to the third-party payer of your sick pay. You need to provide your name, address, Social Security number, and the amount of sick pay you expect to receive. Check a box to indicate your filing status. You can change your withholding or revoke it by completing a new Form W-4S.
How do I get money back during tax season? I'm divorced and the ex is claiming the kids. Can I claim them too?
[09:34am PST] @SaintOres.com
Hello El Indigeno, No, only one spouse can claim the children in this situation. Custodial parents generally claim the qualifying children as dependents on their return.
🤩 wow! You have no idea how this video helped me this morning at my orientation when I was filling out the form! Thank you so much 😊
[9:52am PST] @SaintOres.com
Thanks Nayak. Glad it helped! And I like the things on your webpage. Gotta get me one of those Tote bags. nayakessentials.com
I know it's not the best saving strategy but we spend to much so I want to get more back at the end of the year. I know I should try and break even with the irs and put the rest in some account that pays me more over the year. But we always seem to find a good reason to spend the money. So I'm wanting the government to take way more out. So I can pay taxes a head and get a nice tax deposit during tax season. Ya don't come for me it work for my life style.
Hey Otto, it's always good to have a strategy... If you want to fine tune exactly how much you pay or don't pay to the IRS, try using the IRS tax estimator. Here's the link. www.irs.gov/individuals/tax-withholding-estimator
What if you have a seasonal job that doesnt give you enough income do you still have to fill out step number 2?
Hello Maria, No you don't, you can omit Step 2.
What if you have a seasonal job that doesnt give you enough income do you still have to fill out step number 2?
Hello Maria, No you don't, you can omit Step 2.
Thank you so much. You gave me the best detailed explanation vs. others I went to. You need to be teaching this to kids (and grown kids like myself).
Thanks Ike, Yes, I agree with you. Schools need to teach the basics in high school. Now get back to paying grown kid games on your Nintendo.
Hi. If i fill this form for youth employment program, does IRS will send me a tax return mail?
Hello Starboy, Filling out a Form W-4 for a youth employment program does not automatically mean that you will receive a tax return mail from the IRS. A Form W-4 is used by your employer to withhold the appropriate amount of federal income tax from your paycheck based on the information you provide on the form. The purpose of the W-4 is to ensure that you are paying the correct amount of tax throughout the year so that you do not owe a large amount at tax time or receive a large refund.
Number 3 What about if you have 4 children you will put 4,000
[10:44am PST] @SaintOres.com
Hello Fatma, If you have four children under 17, it is $8,000 ($2000 x 4).
What if my husband makes more then me he’s full-time I’m partime not even close to what he makes
Hello Isabel, Please use the IRS Tax Withholding Estimator: The IRS offers a helpful online tool (www.irs.gov/individuals/tax-withholding-estimator) to estimate your total tax liability based on your income, filing status (Married Filing Jointly in your case), and deductions. The estimator will suggest adjustments you can make to your W-4 to ensure you're withholding the right amount.
I had a refund of $4000.00. How can I have $4000.00 less taken out of my taxes. Do I put that in 4B? Is that an annual deduction? Or should I put in what I want them to take less monthly out? Everything else was filled out correctly. I do not want to change anything else just have them take $4000.00 less out.
No one seems to explain 4B.
Hello Marc8vino, If you want less taxes taken out of your paycheck, here's how you might adjust your W-4.
Increase the number of dependents.
Reduce the number on line 4(a) or 4(c).
Increase the number on line 4(b).
Try using the IRS withholding tax estimator. You can make adjustments and see how these adjustments affect your withholding. Use the results from the estimator to determine what information to put on your W-4. Please look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
This is the most confusing form ever!!!
[9:02am PST] @SaintOres.com
Yes, that is the government's job. To make confusing forms and wait for people on UA-cam to make videos on how to fill them out.
@@KatieStOresCFPChFCEA OH my.!!!!! I will be starting a job tomorrow at this big aerospace Corp. I'm thankful for you and your time to explain this messy form.
@@daleblue22 [11:15am PST] @SaintOres.com
Thanks Dale, Good luck with the new job.
I know
If my husband is claiming my children do i have to claim them too?
Hello Franzy, No you don’t have to claim your children on your W-4 if your husband is already claiming them. Only one parent should claim the children as dependents for tax purposes. Typically, it’s the higher earner who claims the dependents to maximize the tax benefits
was having a mental break down trying to figure out what i was suppose to do. i got a phone call from my first job and they told me i needed a w4. i was so lost thank you for this video
[12:15pm PST] @SaintOres.com
Hey Mel, Not good having a mental breakdown when you have Murderz in your name. Good luck at the new job.
Lol me too I was stuck at this.
Wow thank you so much for explaining this form. It always scares me to fill out this form. I have a better understanding through your video of how I need to fill it out. Also explaining what sections are required and optional is a BIG help. I thought all the sections needed to be filled out. Thank you Thank you!
Thanks Bella, You're so welcome! And thanks for the wonderful comment. No need to be scared of a little-old W-4 form anymore.
I’m employer and I’m going to hire so how am I going to send the file to the sate and the federal ?!
[3:48pm PST] @SaintOres.com
Hello Truth, You do not send the W-4's anywhere. You, as an employer keep them. They are for your use when you run payroll. The IRS requires employers to keep employee W-4s on file for at least four years, and some states have additional requirements.
did you do a single person with no kids!?!? W
Hello Augibee, Yes... Here is a link to a single person with no dependents. It's a little old but the form hasn't changed. ua-cam.com/video/OYOTRWCdSV8/v-deo.html
What if I have a court order in a divorce? It says I am to claim 1 child and he claims the other but they both live with me and I provide for them more? I also have sole custody of them both and they are under 17 yrs of age. Thank you
Hello Coletti, Since you have sole custody and the children live with you, you are considered the custodial parent. Generally, the custodial parent always claims the children as dependents on their tax return.
Even if the court order states that your ex-spouse can claim one of the children, the IRS typically requires the custodial parent to sign Form 8332, which releases the claim to the noncustodial parent. The noncustodial parent cannot claim the child as a dependent without this form.
I dug up a link the the IRS rules. Here's the link: www.irs.gov/newsroom/claiming-a-child-as-a-dependent-when-parents-are-divorced-separated-or-live-apart
@@KatieStOresCFPChFCEA Thank you
You're welcome. And good luck.
OMG ALL I WANT TO KNOW IS HOW TO FILL OUT THE W4 OR MY WIFE SO THEY TAKE OUT TAXES ON HER PART TIME JOB, WE CAN NOT ESTIMATE WHEN SHE WILL WORK OR HOW MUCH SHE WILL MAKE,,,, MY GOODNESS, WHY CAN THIS BE SIMPLE. WE GOT SCREWED WHILE DOING MY 2022 TAXES BECAUSE THEY TOOK NOTHING OUT IN 2022... H E L P
[11:59am PST] @SaintOres.com
Hello Merlin, It's the government's job to make crazy forms. Since you can't estimate when your spouse will work or how much she will make, you can start making estimated (quarterly) payments throughout the tax year. It will help with your tax bill in April. The new and improved tax withholding estimator might help you also to walk through. Here's the link. www.irs.gov/individuals/tax-withholding-estimator Good lluck.
Hello Katie, thank you for the video and hope you're still responding to questions. I got married last year and need to update W-4 but procrastinated because I'm unsure of how to fill it out. I've always had "0" witholding and want to keep it this way to maximize my refund. I am employed. My wife is technically still employed but disabled and does not receive any financial assistance since her disability ran out. Can you please explain the simplest way to fill out the form to keep me/us with no witholding. I'm assuming my wife will have to file a new form at some point as well. Thank you, Ben
[2:05pm PST] @SaintOres.com
Hello Ben, You can claim an exemption from withholding on your W-4 IF you have had no tax liability for the previous year and must expect no tax liability for the current year. You have to file an exemption status every year. You will need to review your W-4 when your wife goes back to work, making sure your will have appropriate withholding due to increase in income.
Hi Katie. How are you this evening? Great video and it really helped me and my wife better understand how to do this accurately. I had a question about what my wife needs to put on her W-4. Our salaries are very different and we were wondering do we use the same number on both our W-4’s? Our number was $322 but as a school teacher she earns about half what I do in IT. How do we make our W-4’s proportional to our salaries? Please let us know.
[10:44am PST] @SaintOres.com
Hello Johnny, The Step 4(c) extra withholding amount of $322 will go on the W-4 of a higher earner (yours); the other spouse can complete Steps 1 and 5 only.
@@KatieStOresCFPChFCEA Thank you so much! 😃
Im sooo lost
Hey Hollywood, Sorry to hear your 'lost'. Give the tax estimator a shot. The IRS redid it a few months ago. They will walk you thru it. Here's the link - www.irs.gov/individuals/tax-withholding-estimator
Ive applied to so many jobs over the years and i still forget how to fill this out lol
Hello Joey, Since I only do videos on government forms and finance, I can't help you on the forgetfulness. But I hope this video was helpful.
If you want to just be single and 0 where do you put the zero?
Hello PJ, The redesigned W-4 form no longer includes personal allowances, eliminating the option to claim zero.
We need an example of one filled out just sample numbers so we more or a better idea of what we are working with and what to specifically put down on the form please thank you. Or a quick cheat sheet.
Hello King, I have an extended version of the W-4 video which walks you through the worksheet. Here's the link" ua-cam.com/video/fpq8jSB5NpY/v-deo.html OR you could use the IRS tax estimator and get a very accurate number. Here's that link: www.irs.gov/individuals/tax-withholding-estimator
It uses to be easy, I have 3 kids I put down 3. Now I'm lost
[10:15 AM PST] @SaintOres.com
Hello M, Since you have three kids, you will need to complete Step 3; 3x2000, Line 3 =3,000. Don't forget about Steps 1 and 5, which are required. I hope this helps.
I just don't do these enough to remember/know what to do
Hello Alicia, On top of that, the IRS changed the form a couple of years ago.
How do I claim myself? Someone said to enter $1
[4:29pm PST] @SaintOres.com
Hello Jacqueline, Allowances have been removed from the redesigned Form W-4. You can't claim yourself any more. Try using the IRS withholding tax estimator. You can make adjustments and see how these adjustments affect your withholding. Use the results from the estimator to determine what information to put on your W-4. Please look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
so why didn't highschool not tell me ANY of this?
[10:04am PST] @SaintOres.com
Hello Fernandowo, If they taught you everything in high school, I'd be stuck doing only videos on Crypto.
Thank you Katie, I didn't have idea what to do, very clear, I really appreciate your help.
[2:34pm PST] google.com/localservices/review/taxesbykatie
Thanks Art, Glad it was helpful!
Can I claim my wife or myself ? Thank you
[10:42am PST] @SaintOres.com
Hello Busting, Allowances have been removed from the redesigned Form W-4. You can't any longer claim yourself or your spouse. You get a standard deduction based on your tax filing status.
Hello! Can people just do section 3, and leave section 2, and 4 alone? Are they individually optional, or if one is skipped then skip them all, and go to step 5? Thank you!
[11:02am PST] @SaintOres.com
Hello Bleeds Black, Steps 1 and 5 are mandatory. Steps 2, 3, and 4 are optional, BUT it helps with more precise withholding. You can skip just Step 2 or Step 3, or all of them together.
@@KatieStOresCFPChFCEA thank you!
[4:43pm PST] @TaxesbyKatie.com
You're welcome.....
So im confused why i dint get taxed all year?? I put 2 dependent for 2500 and yet i got no federal taking out is that normal??
[1:05pm PST] @SaintOres.com
Hey Yanlito, That is one of the main jobs of the IRS, to confuse people. It is NORMAL that some people will NOT have tax withheld. This means that based on your filing and family status (dependents), you must have a higher income before you will owe income tax. If you want taxes to be taken out, on W-4 in Step 4(c) Other Adjustments you can include any additional amount you want to be withheld from each pay period. You could always use the IRS Tax estimator to check. www.irs.gov/individuals/tax-withholding-estimator
@@KatieStOresCFPChFCEA thanks means a lot so i taught i did something wrong does this mean ima have to return back money? even if my income was not as much for 2 dependents ?? thaNKS AGAIN
[12:35pm PST] @SaintOres.com
Hey Yanlito, I can't tell you what your tax outcome for the year will be since I don't know your income level, family situation (based on the information you're provided), etc... you might not have a tax liability. Having two dependents helps.
What if my wife doesn't work, is it wise to put her as a dependant as well aside from my 2 kids? So should i add $500? Please help.
[1:26pm PST] @TaxesbyKatie.com
Hello Steve, As of a couple of years ago, you cannot put your wife as a dependent.
Where is page no 3? You must tell that too😂😂
Here you go.... A video explaining page No. 3... ua-cam.com/video/kV9nB5drI_s/v-deo.html
Hello I am stuck on step 4 extra withholding. I don’t know what to put on that is it the amount that I want IRS to withhold. And also I am not claiming anyone should i put zero and my Irs will deduct lot on my paycheck.
The reason i askwd this because i just notice on my paycheck
Federal (N/A)
State has amount of deductions.
[4:09pm PST] @SaintOres.com
Hello Theresa, You can complete only Steps 1 and 5, in this case your withholding will be computed based on your filing status's standard deduction and tax rates, with no other adjustments. If you want the most taken out of your paycheck, you can add an extra withholding amount for each pay period. That will be in Step 4(c). The best way to calculate the additional withholding amount is to use the IRS withholding tax estimator. You can make adjustments and see how these adjustments affect your withholding. Use the results from the estimator to determine what information to put on your W-4. Please look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
Do I claim single or Head of household
[12:35pm PST] @SaintOres.com
Hello Chi, I don't know your situation, but you can claim the head of household status if a qualifying person has lived with you in the home for more than half the year, and you paid more than half the cost of keeping up a home for the year. If you don't have a qualifying dependent, you would file single.
Is PFD also a dividend?
Hello Mia, No, it's not a dividend.
For some reason I do not understand, I filled out a W-4 for each of the two jobs I have yet no taxes are being withheld! I do not understand the new W-4; the previous one was so simple. I hate that it was changed.
[2:14pm PST] @TaxesbyKatie.com
Join the club. Lots of people don't like the new form. It's possible that you won't have anything withheld, but just to make sure, try using the IRS tax withholding estimator (recently updated). Here's the link. www.irs.gov/individuals/tax-withholding-estimator Better to take a few minutes now to make sure then to get a big tax bill when you file your taxes.
For the address part on the W4. I am a college student where this a mailbox on campus. Should I put my campus address or my home address (where my parents live).
[4:23pm PST] @TaxesbyKatie.com
Hey Tristan, Either address should work. Your W-4 address only has an impact with your employer. Your employer should have your correct address so they can mail you your W-2.
Hello Katie , if I put $10,000 on 4(a) column, what will happen? My HR representative told me it was a good idea, everything else is at $0 by the way
[9:51am PST] @SaintOres.com
Hello Glenn, Head over to the IRS W-4Tax estimator and mess around with the numbers. You can find out in real time how the numbers change your withholding. Here's the link. www.irs.gov/individuals/tax-withholding-estimator
Does 4C go to the federal tax income
Yes Pablo, it's for extra federal tax withholding in that pay period.
What if you 20 year old son lives at home goes to school part time and works part time, can you claim them as a dependent
Hello Zachary, The IRS defines a dependent as a qualifying child who meets certain criteria.
Qualifying Child: To be considered a qualifying child, the individual must meet the following criteria:
Relationship: The individual must be the taxpayer's child, stepchild, foster child, sibling, stepsibling, or a descendant of any of them (e.g. grandchild).
Age: The individual must be under age 19 or a full-time STUDENT under age 24, or permanently and totally disabled at any age.
Residency: The individual must have lived with the taxpayer for more than half of the year.
Support: The individual cannot provide more than half of their own support during the year.
Joint Return: The individual cannot file a joint tax return with their own spouse, unless it is only to claim a refund of taxes withheld and they would not have a tax liability if filing separately.
@@KatieStOresCFPChFCEA Ok it looks like at the moment the induvial cannot provide more than half of their own support. we pay rent, food, clothes etc... is there a certain amount they have to make that would prevent me from claiming them on my W4 for work? or is that enough to claim them?
Try this... The IRS offers a neat little online app to walk you through who is and is not a dependent, here is the link. www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent
I need a tax professional to fill out these forms. This is crazy 🤪
Dose private contractor jobs need to be added?
If so My husband has one job and I have 4.
[9:52am PST] @SaintOres.com
Hello Rashell, You do not include income from contractors' jobs on your W-4, just W-2 income. And in Step 4(a), other income that is NOT from jobs: ex: interest, dividends, and retirement income.
@@KatieStOresCFPChFCEA Thank you, I haven't gotten any income from my two jobs yet and my husband's W-4 was filled out in the early 80's
Will I need that info?
[10:44am PST] @SaintOres.com
Once you get your pay info from your new jobs, you and your husband should fill out new W-4's. If things change in your life, there is nothing to prevent you from submitting another W4. You don't want a big TAX SURPRISE when you file your income taxes.
@@KatieStOresCFPChFCEA Thank you 😊 🙏 ♥️
I still have no idea how to fill the new form out!
[10:39am PST] @SaintOres.com
Hey Timothy, I've found that many people don't like the new form. But you can fill out just 1 and 5, then review everything after a couple of paychecks to see if it looks correct. You can always submit another W-4 if you're unhappy. The other way to do it would be to use the IRS tax estimator on the IRS website. Here's the link www.irs.gov/individuals/tax-withholding-estimator. It was recently updated and supposedly "easier" to use.
Hi Katie - My wife just got a new job and has completed her W-4 claiming 0. I will start a new job in March and will need to fill out a W-4. Since we will both be working, I believe we can now claim 1 on each of our forms. Correct? My wife will just be updating her current form to reflect 1 instead of 0. I will claim 1 on mine. Would we need to complete the Multiple Jobs Worksheet? We have been filing "Married Filing Jointly". I should add that my wife's salary will be greater than mine. GREAT work, on your "how to" videos. I would sincerely appreciate a quick response if possible. Thank you kindly! Alan
[2:33pm PST] @TaxesbyKatie.com
Hello Alan, You are talking about allowances (claiming 0 or 1)? If YES, then just so you are aware, the IRS removed withholding allowances on the new W-4 form. You will need to use the multiple jobs worksheet to get your withholding correct. The best route is to use the IRS withholding tax estimator (which was just recently updated) instead of worksheets. Use the results from the estimator to determine what information to put on your W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
No it should never be this complicated in the first place
But is a very helpful video thanks
[12:35pm PST] @SaintOres.com
Thanks Keith, I'm glad it was helpful. The Gov't tried to make the W-4 less complicated with this new version, and I think they confused people more.
Why did I get this paper as a minor 🤨
Hey Adrian, Welcome to the working world. Whether it is a temporary summer job or full time employment, minors will still need to fill out a Form W-4.
So for step 2 c. I have 2 jobs but my full time job is 29k a year and the other is only 9k a year. I’m married but is filing separate so just confused on if I should check the box
[9:52am PST] @SaintOres.com
Hey Elija, Checking the box in Step 2(c) makes sense when your jobs are close in pay. Also, if you want to increase your withholding checking you can check that box. Hope this helps.
I claimed one child ($2,000) but they are only taking approx $40 out for federal. This is way different from a previous job. Do you know why the difference? I have talked to HR but they said they cannot help on that and to talk with a tax specialist.
Hello City, I can't tell you why it is different. I don't have access to your financial documents. Try using the IRS withholding tax estimator. You can make adjustments and see how these adjustments affect your withholding. Use the results from the estimator to determine what information to put on your W-4. Please look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator Or you could contact a local tax accountant and schedule an appointment. Good luck!
If you don't have a spouse and only have 1 job do u leave 2 blank
[10:58 AM PST] @SaintOres.com
Hello Kim, Yes, in this case, you can omit Step 2.
@@KatieStOresCFPChFCEA thanks
Hi, Katie! WONDERFUL VIDEO!!! However, I'm a bit confused. My wife does not work due to permanent medical reasons but we file "married, filling jointly"...can I claim her as a dependent? I ask because of the part in the video where you suggested that "Grand parents can be claimed as a dependent. Thanks!
[10:14am PST] @SaintOres.com
Hey Hands On, You can't claim your spouse as a dependent even if your spouse is not working and you provide all of the financial support. You can claim your grandparent/parent because you are not married to this person who files a joint return with you.
My ex-employer had me fill out a W4 when I started in Oct ‘22 but the following Jan ‘23 I received a 1099. Thus making me a ‘freelance’ hire. I had to pay all the taxes for Nov-Dec ‘22. Was that even remotely legal?
Hello M, In general, it is not correct for an ex-employer to have a person fill out a W-4 and then issue a 1099. The IRS has specific criteria that must be met in order for someone to be classified as an independent contractor. If a person was treated as an employee for part of the year and then as an independent contractor for the rest of the year, the ex-employer MAY have violated the IRS's rules. It might be best to give your local IRS office a call.
I'm so confused because it talks about dependents but how do I claim myself on the new W4?
[12:31pm PST] @TaxesbyKatie.com
Hello Janice, You cannot claim yourself on the new W-4. Try using the IRS tax withholding estimator (just recently updated). Here's the link. www.irs.gov/individuals/tax-withholding-estimator Better to take a few minutes now to make sure then to get a big tax bill or a big refund when you file your taxes.
[12:33pm PST] @TaxesbyKatie.com
(Forgot to mention) The biggest change to the new W-4 form is that you don't claim withholding "allowances" anymore, and exemptions deductions also were eliminated. You are getting a standard deduction based on your filing status.
Seems simple enough! Thank you.
[2:05pm PST] @SaintOres.com
Thanks Vett, You're welcome!
I have two kids I multiply it 4,000 and I also take care of my wife's brother do I claim him for the 500?
[12:55pm PST] @SaintOres.com
Hello Gustavo, You can claim your wife's brother as a (non-child) dependent for a $500 credit if he satisfies the eligibility requirement. The qualifying relative must have made less than $4,400 in gross income during 2022. You must have provided more than half of the individual's total support during the year and he must not be claimed as a dependent by another taxpayer and also not file a joint return with another taxpayer.
He is 17 going to be 18 in April did only work for about 2 months do I have to include it on my taxes or does he have to do it seperate
[2:26pm PST] @SaintOres.com
Hey Gustavo, No, you do NOT include his wages on your taxes. Even if you claim him as a dependent, he will generally need to file his own 2022 tax return if he earned over $12,950 for the year. However, even if his income falls below this limit, he might want to file his tax return to get a refund of any federal or state taxes withheld from his paychecks.
Okay one more question if my federal gross is only around 700 or more from year to date am I going to have to pay taxes for it when I file? And is the reason why it's so low because I put my brother-in-law has a dependent?
[4:00pm PST] @SaintOres.com
Gustavo, I think you now own the record for most questions asked...
I can't give you an estimated tax projection on your tax outcome when you file next year. I don't have enough information. But you can use one of the numerous estimated tax calculators online. Including your brother-in-law on your tax return just gives you a credit of $500 for a dependent relative.
Hello I need help with that document, specially in step 4: C
Hello RØB, Here's a little info on Box 4c...
Form W-4 is a tax form used by employees to provide their employer with information on how much federal income tax to withhold from their paychecks. Box 4c of Form W-4 asks for the employee's "Extra withholding amount." This box is used if the employee wants to have additional federal income tax withheld from their paychecks beyond what would normally be withheld based on their filing status, number of dependents, and other information provided on the W-4 form.
The amount entered in Box 4c is added to the amount calculated based on the employee's other W-4 information, and the total amount is then withheld from the employee's paycheck and sent to the IRS as a prepayment of their federal income tax liability for the year.
NOTE**** It's important to note that withholding too much tax can result in a large refund at the end of the year, while withholding too little can result in a tax bill and possibly penalties. Therefore, it's important to carefully consider the amount to enter in Box 4c and to regularly review and update your W-4 form as needed to ensure accurate withholding.
@@KatieStOresCFPChFCEA ohhhh I’m understanding, wow. Then what do you recommend to put on step 4 letter (c)? That’s what McDonald’s sent to me. So how much should I put there?? I’m going to earn $14.30. It’s okay if I put 0.00 ?
@@KatieStOresCFPChFCEA thank thank you so much for your response 🙏🙏🙏. God bless you and your family.
Yes, that would be fine to put that on 4c. Just remember to keep an eye on your withholding on your paycheck. If you see something that doesn't look correct, you can always fill out another w-4 down the road. There is also the IRS W-4 withholding estimator that gives you very accurate numbers. Here's the link to that. www.irs.gov/individuals/tax-withholding-estimator
For my federal tax withholding says 0 on my paycheck which messed me up come tax season. I just want everything to be standard. How do I change that? HR won’t help me. Thanks.
Hi Michy, To ensure you're withholding the correct amount of tax from your paycheck, you can use the IRS Tax Withholding Estimator tool available at www.irs.gov/individuals/tax-withholding-estimator. This tool will help you estimate how much tax you should have withheld. Once you have the estimate, you can adjust your W-4 form accordingly and submit it to your HR department as soon as possible. If you've missed some withholding, you can make an estimated tax payment to catch up on the missed amount.
So I’ve never noticed on my paystabs my fed tax income was never taken. It is just empty spot , not even 0. So I ended up owing money this year,over $1350. That made me to start doing my research on taxes. Just a couple years ago I moved from Europe to US, and I have no clue what is about and how it’s done. So what should I do on form w4 to my fed tax income being taken finally? I’d really appreciate if someone replies
Hello Victoria, If your Form w-4 is incorrect, you'll pay either too little
or too much withholding. Both of which are not good.
Try using the IRS tax withholding estimator.
It will walk you through the W-4 from so that you get an accurate result. Here is the link. www.irs.gov/individuals/tax-withholding-estimator
Thank you fo this video! I've been an independent employee for years and tomorrow I start a in-house position! This helped tremendously!
[9:12am PST] @TaxesbyKatie.com
Thanks John, And have fun on your first day of work today.
I'm totally confused. Married filing jointly but my husband had disability income and w
We had a minor getting a disability income also. How will I put on my W-2 form if his getting the check montly and mine is every other week?
Hi Aisline, Your W-2 form only reflects your own income, not your spouse's or any dependents'. So, your W-2 will only show the income you earned. Not sure what you are asking. Did you mean W-4? If so...... If you and your husband have similar incomes, it's recommended that you complete your W-4 forms in the same way, regardless of pay frequency. Keep in mind that the W-4 is just an estimate, and you can adjust it during the year if your circumstances change.
Hi there Katie! Thank you so much for taking the time to share this video. You were clear, direct, thorough, and fast.
I was wondering if self employment is to be included on the form? My husband and I live in WI, he has self employment, I have 2 jobs plus 1 self employment position.
Hello Ali, You'll have to fill out your W-4 with your combined income in mind, including self-employment. This will ensure that you don't underestimate your withholding rate. The income from self-employment doesn't go on W-4, but you have to adjust your Extra withholding section (Step 4C) - added amounts here will increase your withholding.
@@KatieStOresCFPChFCEA Awesome! Thanks for the swift reply 😊
I have a question I’m filling mine at the moment . The question “Do you claim exemption from federal income tax withholding?” What does this mean ? I’m filling single with 0 dependents
[1:31pm PST] @SaintOres.com
Hello A..., Exemption from withholding means you will not have taxes withheld from your paycheck. To qualify for this exempt status, the employee must have had no tax liability for the previous year and must expect to have no tax liability for the current year.
Hello, Katie,
In 2023 I add my mom and dad as a dependent $500 for each totally $1000.
I have a doubt, is this better to add the dependent on w-4 or on w-2 to have more refund taxes? Please give me advise, I talked with one accountant, he said is good 9n w-2 but other said put them on w-2. Now I'm confused what to do? Please kindly help me in this.
Thanks a lot.
Hello Daronta,
Whether to claim your parents as dependents on your W-4 or your tax return (W-2 is a form issued by your employer, not for claiming dependents) will depend on your personal tax situation and goals.
Claiming your parents as dependents can potentially provide you with certain tax benefits.
If you choose to claim your parents as dependents on your W-4, your employer will withhold less federal income tax from your paycheck, which can result in more take-home pay throughout the year. However, you should make sure to accurately estimate the amount of tax you owe for the year, since claiming too many dependents on your W-4 can result in owing taxes at the end of the year or facing penalties for underpayment of taxes.
If you choose to claim your parents as dependents on your tax return, you will receive the tax benefits when you file your taxes. You will need to provide documentation to prove that your parents meet the criteria to be claimed as dependents, such as providing more than half of their financial support and meeting the other eligibility requirements.
It's always a good idea to consult with a tax professional or accountant who can evaluate your individual tax situation and provide personalized advice on whether to claim your parents as dependents on your W-4 or tax return.
Excellent presentation. Please do a video on W-4P for retirees.
[2:27pm PST] @SaintOres.com
Thanks Kay, I'll look into doing that when I do the W-4's at the end of the year. Thanks for the suggestion.
Is it okay to claim exempt and pay your taxes all at once or will you get fined by the irs
[4:25pm PST] @SaintOres.com
Hey MW, To qualify for this exempt status, you must have had no tax liability for the previous year and must expect to have no tax liability for the current year.
@@KatieStOresCFPChFCEA
So then you're not allowed to pay your federal taxes all at once during tax season?
[4:25pm PST] @SaintOres.com
MW, You can claim exempt on your W-4 if you want to. But you'll have no income tax withheld from your paycheck, and you probably owe taxes when you file your return. You might be hit with an underpayment penalty, too. An exemption is also good for only one year, so you must reclaim it each year.
It's a pay as you go system. You make money, you pay taxes (if you owe any). So you have to be aware of the underpayment penalty.
thanks!
Thanks Yisroel. You're welcome
Helpful video, thanks, but I wish she would've talked more about Step 4C
[4:08pm PST] @TaxesbyKatie.com
Hello Lisa, Thanks for the comment. I took some time to go over step 4c in the extended version of this video (ua-cam.com/video/w3oPHhUnj1Y/v-deo.html). But in general, I suggest people use the IRS tax estimator in situations that require extra withholding.
The format has changed and haven't filled one of these since 2017.
Was confused a bit and was looking where I could put 0 dependents since I'm still single.
[2:17pm PST] @SaintOres.com
Hello Jean, if you don't have any dependents, simply omit Part 3; you don't have to put zero anywhere.
@@KatieStOresCFPChFCEA thank you. May you have a wonderful day.
You're most welcome....
Not sure I did me and my new wife right because we both ended up getting more taking out our paycheck. Used the calculator and I think I'm witholding more. Need some help
[2:05pm PST] @SaintOres.com
Hello Truth, The first place to check is Step 4(c) on you and your spouse's W-4. If you have too much federal tax withheld, you might have an amount for extra withholding set.
Why can’t anyone go over single with two jobs. I don’t care about married jointly with kids. Every video I see doesn’t go over it.
[12:15pm PST] @SaintOres.com
Hello Ryan, Sorry about that. I've only done a video on single with ONE job. What you could do is try using the IRS withholding tax estimator (which was just recently updated). You can also make adjustments and then see how these adjustments affect your withholding. That way you can dial it in. Use the results from the estimator to determine what information to put on your W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
Still confused because I am single, divorced and don't have dependents, which is not addressed here!!! What gives? Where do I claim myself?????
[10:14am PST] @SaintOres.com
Hello Marcel, The biggest change to the new W-4 form is that you don't claim withholding "allowances" anymore, and exemptions deductions also were eliminated. You are getting a standard deduction based on your filing status. Try using the IRS tax withholding estimator (just recently updated). Here's the link. www.irs.gov/individuals/tax-withholding-estimator Better to take a few minutes now to make sure then to get a big tax bill or a big refund when you file your taxes.
I make a small income aside from my regular 9-5 through my business if e-commerce sales on eBay and PayPal. Should I withhold taxes on this additional income using box 4(a) or 4(c)? I saw that side gig income should not be put in 4(a) but I’m sure this classified as “side gig”. Thanks in advance for your help.
[9:45 AM PST] @SaintOres.com
Hello Kyle, I can provide information and guidance, but I cannot provide personalized tax advice. It's always best to consult a tax professional for specific advice tailored to your individual circumstances.
In general, income from a side gig or self-employment should not be reported on Form W-4, which is used by employers to withhold federal income tax from their employees' paychecks. Instead, you may need to make estimated tax payments or adjust your withholding on your Form W-4 using the IRS Form 1040-ES. If you are earning income from eBay and PayPal or your "side gig", you may be considered self-employed and subject to self-employment tax. This includes both Social Security and Medicare taxes. Depending on the amount of income you earn, you may be required to make estimated tax payments throughout the year. Again, I strongly suggest seeking advice from a tax professional or accountant for specific guidance on how to report and pay taxes on your "side gig".
For claiming EXEMPT do we fill in the same spot as 2021? Below 4c
Very informative, however if you just got married but your spouse does not reside in the usa would you still choose filing jointly?
[10:44am PST] @SaintOres.com
Hello TEEPOLO, It makes a difference if your spouse is a US citizen residing in a different country or a nonresident alien. The rules applicable in those cases are different.
Hello!! Trying to figure out how to fill this form out. Married filing jointly, both have jobs, my husband makes way more money. We have 1 child. If he claims the child I would only have to full out steps 1 and 5?
[10:54am PST] @SaintOres.com
Hey Katie, Since your husband makes significantly more, it makes sense for him to claim your child. Then, you will need to complete only Steps 1 and 5. You can always update your W-4 at any time during the year.
Hello! Both my wife and I have jobs but she will quit later this year since she’s giving birth to our 3rd child. We have 2 kids as of now under 17. When my 3rd child is here should I claim 3 dependents ($6000) on my w4? I don’t want to owe like I did for 2021. Would this cause me to owe money? Should I not claim them at all on my w4 so the irs withholds the most amount so I don’t owe?
[4:08pm PST] @TaxesbyKatie.com
Hello Gerardo, A lot depends on your income level, but claiming another child on your W-4 will reduce your withholding.
The best route is to use the IRS withholding tax estimator (which was just recently updated). Use the results from the estimator to determine what information to put on your W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
Married filing separately - completed Steps 1 & 5. 2-4 dont apply to me. Is this form ready?
[10:20am PST] @TaxesbyKatie.com
Hey Harry, Yes, your form is ready. Since only Steps 1&5 are mandatory. Just don't forget to date and sign the form. Then get back to playing The Tower....
Hello, I’m Single Women With One Job, & No Dependents But Want More Taxes Taken Out Of My Check Do I Claim 0 Or 1 ?
[5:23pm PST] @TaxesbyKatie.com
Hello Derica, There is no 0 or 1 anymore. To have extra withholding taken out, enter an amount into 4c. The best route is to use the IRS withholding tax estimator (which was just recently updated). Use the results from the estimator to determine what information to put on your W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
I have a question, I saw some people say when you’re marked as a dependent (I am a dependent on my mom’s taxes) you can’t file exempt? Is this true? I live in Maryland
Hello J.m4a1, I would like to clarify that claiming "exempt" from federal income tax withholding on your W-4 form is not solely based on being claimed as a dependent on someone else's tax return. It depends on your specific circumstances as a dependent. Additionally, it's worth noting that my response only pertains to federal taxation and not to Maryland's tax laws. Please, contact your local tax professional.