Thank you for your help! I was doing it all wrong 🙋🏽♀️😂 Thankful I came across your video in time to edit my form before it got submitted for payroll. God Bless You!
[9:42am PST] @SaintOres.com Thanks Brittany, I also think it's a waste of time to watch people asking me to click on things. Glad the video was helpful!
Good simple video with REAL example. Thank you for pointing out 2C checkmark (at 4:00 in video) ONLY check this if BOTH you and spouse are filling out NEW W4. For example my wife starting job in mid year... but I have been working all year and have not changed my W4.... we did NOT check 2C. We did enter for 2 x 500 other dependents. And used the table on back of w4 to find value for 4C.
[9:32am PST] @SaintOres.com Thanks Francisco. I wish I could do videos like yours (Booze Taste test: Heavens Door, Grangestone, Toast and more) instead of W-4 videos....
Love it! I've been struggling to find someone who knows why I haven't had federal taxes taken out. Nobody within my HR or payroll team could provide an answer.
[11:21am PST] @TaxesbyKatie.com Hey Matthew, Happy to help! For example, often your filing status affects the way your taxes are withheld. The filing from a single person will have more withheld tax compared to someone that is married or is the acting head of a household.
Thanks very much I also appreciate your clarity & simplicity. I used the tax estimator, & I pretty much trust the results, where just filling out the form, left me with questions, & a feeling of I hope this works.
[10:54am PST] @SaintOres.com Hello Rob, The IRS updated the tax estimator a couple of months ago so it works well now. It's always good to revisit your W-4 after a couple of paychecks just to make sure. You don't want to be surprised when you file your taxes.
Now I understand what it all meant and I’m also realizing my employers didn’t know how to fill these out either since I see they were doing it wrong as well 😂 I was getting taxed out the cheeks because of them 😂🤦🏾♂️
[9:52am PST] @SaintOres.com Hello MK7 owner, It's a fairly new form, so hopefully they figured it out. You can always submit another W-4 to correct the first one.
Thank you so much!! that was a very helpful video, it had been a while since I filled out kw4 form I forgot how much of a hassle they are without help 😜
Thank you for the great video, it really helped make things easier to understand. I do have one question about married filing joint with similar incomes and using step 2c. Just to make sure I'm correct in this: Person A fills out step 1, checks the box in step 2c, fills out step 3, filling out step 4 is optional, and fills out step 5. Person B fills out step 1, checks the box in step 2c, filling out step 4 is optional, and fills out step 5.
Thank you for clarifying a W-4 for our married/jointly situation! I did have the same question that looks like it was answered in the comments about the "other W-4" namely my spouse's. I had married/jointly and zero deductions last year for both of us and got a huge tax bill with penalties for underpayment. The big answer to this seems to be that each W-4 is assumed to be the only household income! Now pulling single/zero for both plus extra to try to make up for this year, but I'll try the lookup table and split the extra withholding (4c) between our W-4's next time...
[4:25pm PST] @SaintOres.com Hey Bkfawcett, Instead of using the worksheet table try the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the W-4. Please take a 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
Yep! Thanks Katie! I use the estimator now at every pay period to see how we’ll work out this year. I keep bumping up our 401k savings in order to pay ourselves first, but it seem we’ll still owe a $chunk so I’ve also bumped withholding. I’ve never thought I’d need to send extra fed until TCJA kicked in…now we know!
[9:42am PST] @SaintOres.com Great BK, The IRS likes to keep you thinking. Hopefully they don't change the form again this year. Everyone is starting to get the hang of it now.
Great information. But you didn't mention what my spouse have to fill if she's earning lesser than the two. Does she needs to put in the same withheld amount?
Hi Katie, I’m so happy I came across your video. It’s so much better than others ….. Question: In Step 2 under multiple /other dependents it’s not referring to the spouse, correct ? It’s for “other” dependent besides spouse ??
In this example, does it mean $321 is the total tax withheld from each paycheck OR does it mean that $321 of additional taxes will be held on top of whatever percentage is taken from the paycheck?
[10:22am PST] @TaxesbyKatie.com Hello Celina, It means that $321 of additional taxes will be withheld on top of any amount already taken from the paycheck
what about if I work and I get ( W2 and 1099 ) and married, but my wife doesn't work and we file married jointly. is that consider like single with two jobs ? do I have to fill out the sections 2-4 ? because you said it's either single with two jobs or married and each of us should have a job. but what about if I have W2 and 1099, but my wife doesn't have a job. Thank you for the great video.
[11:31am PST] @TaxesbyKatie.com Hello أحمد خضير, When they are talking two jobs in the instruction, it means having two W-2 jobs, not income from 1099-NEC. 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
Great video! Very simple. I have couple of questions. Would like to know if I claim a child can he also claim the same on his w4 form. Also does both spouse and I need to complete w4 exactly same way on our w4 form
@@KatieStOresCFPChFCEA Kati, I have a question. I got a loan last year and am not sure how, when, or where to start to request forgiveness for the loan. I'm busy now starting an online marketing business, but what steps should I take to resolve this issue. No one has reached out to me yet, but with all of the crazy bureaucracy, I'm not use sure who's doing what to whom. Thanks, Mark b
@@markbradley8198 [4:48 PM PST] @TaxesbyKatie.com Hey Mark, There is no deadline to apply for PPP loan forgiveness. PPP loans have a covered period of 8 to 24 weeks after the funds hit your bank account. Once that covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 2 to 5 year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. No one will reach out to you, you have to apply and start the forgiveness process yourself. Contact the lender who funded your PPP loan and ask them if they have an online version of the forgiveness application.
Hi. I came to US in September 2022. Earlier I forgot to provide my dependent (Kid) details in W4 and Federal tax was deducted little higher. Luckily I was going through your video then I find out to provide dependent details and provided updated W4 to my payroll team. Now I am getting less federal tax. My question is, how I can claim the previous deductions? Thank you in advance!
[12:55pm PST] @SaintOres.com Hello Sri Sunny, when you file your income tax return next year, it will be refunded if you overpaid your federal tax on your W-2.
This video will definitely help me help my husband. My husband is the only one who works and we have 2 kids. He will make about 36,000 this year. His job has not been taking out federal taxes. I used the tax withholding calculator and it says we shouldn't expect a refund. Do you know why he isn't getting taxes withheld?
This new W-4 is ridiculously inaccurate. If I properly fill our Step 4 then the federal withholding (EXTRA withholding, mind you) is grossly over withheld. It seems to assume that only one spouse will have federal withholdings. WHY?
[11:31am PST] @TaxesbyKatie.com Hello William, Remember not to get mad at the messenger. And I think it was written into the constitution that the IRS has to publish crazy tax forms. Anyway, for two working people, 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
Hi Katie - This is best video I have seen on this topic.. Lets assume what is showed is done by one spouse who is high earning.. What should the low earning spouse fill ?
Thank you for this great video, my question, what if the couple both have 2 jobs each, how do you calculate this since your video only shows the couple with 1 job each?
[10:29 AM PST] @SaintOres.com Hello Remmy, If each spouse has two jobs, you are better off using the tax estimator. 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
I'm paying about $377 per paycheck on an annual income of 40K which seems a bit too much for my needs. Using the refund calculator this yields me a refund close to 5600. I'd prefer to see that money kept or paid to me instead of taken out each paycheck and reduce my tax per paycheck to be closer to zero and would be ok paying a small difference or nothing come tax time instead of getting such a big refund. So, for line 4b should I put $5600 or because I'm also head of household add the 19400 deduction and put in 25000? I'm sure many others have a similar question and could use my example to help figure this out. I think I understand this but I'm not 100 confident about what to input for line 4b for me knowing my intention to have less tax removed from each paycheck. I'm leaning to believe I should input 25000 but I don't want to really mess up my paycheck somehow or my final tax return next year. So, any guidance or clarity on this would be much much appreciated! Thank you!
[3:18pm PST] @SaintOres.com Hello Justin, Congratulations on having one of the longest comments I've received. As to your question.... Line 4(b) requires the use of a deduction worksheet. This worksheet will help you determine whether you're better off taking the standard deduction or itemizing your deductions. If you want less money taken from your paycheck, 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
Great video. Can you explain how all of the figures entered on Form W-4 are used by an employer or the IRS? For example, how does the $2000 + $3000 + $321 in your example inform what is held each pay period/year? I'm clear on how to fill out the form but I don't really understand what is done with the numbers I've entered.
Hello David, There was a major revision to the W-4 in 2020, which is why I did these W-4 walk through videos. Being so recent, there is a lot of info on the methods, thoughts, and reasoning in changing the form. The IRS Employee's Withholding Certificate page (here's the link www.irs.gov/forms-pubs/about-form-w-4) would be a much better place to start than for me to explain it. If your question is more about how it impacts your withholding, then playing around with the numbers in the IRS Tax Withholding Estimator would be the best place to start. Here's that link: www.irs.gov/individuals/tax-withholding-estimator
@@KatieStOresCFPChFCEA Thank you so much! My question was more around how the figures entered impact the withholding. If we just take the $2000 for a dependent, for example. Is that $2000 less than would be withheld from paychecks over the year? Appreciate your response and the resources you shared!
[2:04 PM PST] @SaintOres.com Hey Davis, Depending on your income and family size, the Child Tax Credit (CTC) is worth up to $2,000 per qualifying child and up to $1,500 is refundable. The CTC can reduce your taxes bill by up to $2,000. If you don’t owe taxes or your credit is more than the taxes you owe, you can get up to $1,500 back in your tax refund. I hope this helps!
Really informative video. Thanks so much for breaking it down! I hope you can answer a question I still have about the form. With my employer, I fill out our tax withholdings information on an employee self-service website. However, we don't see the actual W4 form as you showed in the video. Instead, it shows the following as of today 5/2021: Tax Marital Status(1): Married filing jointly(or Qualifying widow(er)) Withhold at higher rate(2): Claim Dependents Amount(3): - Other Income (4a): - Deductions (4b): - Extra Withholdings (4c): - I'm married filing jointly. Would enough taxes be withheld if I select "Yes" for step 2 (withhold at higher rate) instead of using the worksheet and putting an amount in 4(c)?
[1:23pm PST] @TaxesbyKatie.com Hey Penelope, Yes, you can just choose Step 2 (withhold at the higher rate), that should be enough. Check the next payroll stub to be sure.
The forms from 2018 when I first got to US were pretty straightforward. I didn't work for a year+ and recently started working again and I can't make head or tail of these forms. The lady at HR couldn't help me either. Just told me to pick anything. I've been watching video trying to make sense and fill new forms. Why is America like this? They like to take straightforward stuff and make it unnecessarily complicated. The sadism is real.
[9:12am PST] @SaintOres.com Hello Joy, Congratulations on the new job. Like you said, the W_4 form recently had a major revision. They always try and simplify the forms but it usually causes confusion. Remember that only 1 and 5 are required and you can always fill out the form again after a few paychecks if something doesn't look correct.
Great video Katie, Assuming in your scenario, all of their income was taxable how much would be taken out of each check? 8340/26 = 320.76? minus the child 2000/26 =76.92 meaning they would expect 320.76 - 76.92 = 243.84 withholdings?
If married filing jointly, assume no kids, then do both parties fill out the W-4 the same the way you demonstrated? Meaning, is this calculating half of the withholding and the other half will be withheld by you spouses employer? TIA.
[3:08pm PST] @SaintOres.com Hello William, Not sure about your question. If you are asking regarding an extra withholding amount, then include the whole amount on the W-4 of the higher earner: the other spouse can complete only Steps 1 and 5 on their W-4..
Thanks for the information! If married filing jointly, do both parents claim their dependent(s) on their own individual forms? For example, we have one child. Do we claim that dependant on each of our forms…my spouse claims a dependent and I claim a dependent for the one child?
[1:02pm PST] @SaintOres.com Hello Shannon, If there is a significant difference in wages between spouses, then it makes sense for the higher wage earner to claim their child, and for the other spouse to complete just Steps 1 and 5, but it depends on each situation. However, for the most accurate results, it is best to use the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the W-4. Please take a 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
Married filing separately with one child and I make under 200K I had checked the box for married filing separately and then for dependents I had 1 so I multiplied by 2,000 and got 2,000. Did I do this correctly? Because I didn't see a difference in my paystub. I also requested an additional $50 be taken out. My HR said they cannot tell me what to put. I just want to make sure I won't be owing money at the end of the year.
[5:28pm PST] @TaxesbyKatie.com Hello Selena, 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 when you file your taxes.
question, I started a second job. My higher job is 100,000-125,000 and my second job will be one of the first two columns. if im getting standard deductions taken out from Both already, why would I take EXTRA withholdings out. With my first job i will get back around 2000 and not sure about the second one but taking even more out seems a bit much. I will end up getting back a bigger check wiich i dont want. Id rather max my paycheck out wiohtout owing money.
[12:55pm PST] @SaintOres.com Hello 1890Orsy, Keep in mind that you will have an increase in taxes as your income rises, and only one standard deduction can be claimed on each tax return. When you have more than one job at a time, more money should be withheld from the combined pay for all the jobs than would be withheld if each job was considered by itself.
Thank you for your help, my wife started to work this week only married filing jointly, I did not put a number for the extra withholding for my own check in the past 4 month ,since she works now Should I pay the extra withholding from my paycheck or should we split this number from the worksheet. Let’s say the final number is 120 per check should I only pay it or split it between our W4.
Hello, Katie. Kudos on your video production style. I am loving that touch screen you are using. I really like the color markers at the bottom of the screen. What is the screen? What is the Application showing the color markers? Can it be a white screen so I can use it has a whiteboard to perform statistics problems? Can work written on it be saved to files? I LIKED and Subscribed.
Great video -- one question - do I fill out both my W-4 and my wife's W-4 the same way or for this example in the video is this just for the higher paying job? I am not sure how to fill out the W-4 for the other job. THank you!@
[11:34am PST] @SaintOres.com Hello Cafasso, I don't have enough financial details regarding your income situation. But you shouldn't fill out your spouse's W-4 the same way as yours since you are a higher earner. Steps 1 and 5 are mandatory. So, she should complete those and adjust her W-4 any time during the year.
@@KatieStOresCFPChFCEA Thanks, sorry i couldn't provide more info on my situation. I will have to talk to a tax pro in my area b/c i still am thoroughly confused as to how much tax should be taken out of her paychecks even though I did all of these steps in mine to take the extra tax due. Thanks again!
[9:32am PST] @SaintOres.com Hello Ram, Yes, I just finished filming a video on how to apply for a EIN number. It will take me a few days to edit it and post it to UA-cam. Thanks for the suggestion.
4:53 When it says *"wages and salaries"* it's UNCLEAR what it means. a) Gross pay, or b) Net pay (what I actually get to take to the bank) HUGE difference between the two. But the form will not tell you anywhere what to use!! But this form is asking for annual "wages and salaries" so do I have to look in my W2 forms?? I wish they would actually explain this instead of letting you guess what number to put in there.
[4:38pm PST] @TaxesbyKatie.com Hello Kenji, It is gross wages. You are calculating a withholding to arrive at your net. If you used your net as a starting place, you would be withholding from wages that already have withholding.
What if you work two jobs and your spouse works one job? How would you file that on the Step 2(b) worksheet and based off of the page 4 sheet? It asks, "if you have two jobs OR you're married filing jointly and you and your spouse each have on job, find the amount from the appropriate table on page 4." So do I go off of the two jobs option, or do I go off of the married filing jointly option? I am unsure because I have two jobs, but my wife also has one job.
[2:03pm PST] @TaxesbyKatie.com Hey Brandon, Now you're getting into three jobs, so I would say 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. Each of you complete your own tax estimator questioner. 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
Thank Katie. Thank you for the great explanation. If I am filling married jointly and my wife works, does she need to have the same numbers in her W4? If I am putting my children (under 17) as dependents would she also need to put them in her w4 or only one of us can claim them as dependents? Thank you.
[10:43am PST] @SaintOres.com Hello Jose, You would not want to fill out W-4 the same way if there is a significant difference in wages between spouses. It makes sense for a higher wage earner to claim their kids, and the other spouse can just complete Steps 1 and 5, but it depends on each situation. For the most accurate results, it is best to use the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the W-4. Please take a 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
Hello Jason, The IRS has a nice little calculator that can give you an accurate estimate. Here's the link www.irs.gov/individuals/tax-withholding-estimator
Thank you! One question, just want to clarify that if you only complete step 1 and step 5 then they will deduct whatever is standard for your wages correct? Also if we do not put the $6,000 in step 3 for the 3 dependent children does that mean they will defect more and we might have a refund at the end of the year?
Hello Jessica, Yes, that is basically correct. If you want to see how it would effect everything, try using 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
Hi - I usually claim 0 filing single or married withhold at single rate, so that I do not owe any tax money at the end of the year. I usually get a decent refund, however, I started a new job, and the amount of taxes being taken out of my paycheck is almost 1/3. Can you please help me understand what I should be claiming to get more money in each paycheck but NOT owe at the end of the y ear?
[12:41pm PST] @SaintOres.com Hey Patti, The best option is to use the IRS withholding tax estimator. Then 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 Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
When married filing jointly, do both wife and husband enter the same amount for claiming dependents under 17? For example, if they have two kids both under 17 would both husband and wife put $4,000 for their dependents section? Or should whoever makes the most claim the two children and calculate the extra withholding, and the other partner put 0 for dependents and 0 for extra withholdings?
[10:43am PST] @SaintOres.com Hey Real, It makes sense for a higher wage earner to claim the kids ($4,000) and the other spouse can just complete Steps 1 and 5. For the most accurate results, it is the best to use the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html
Thank you Kathie, you explained very good. But there is one question on step 3 Claim dependents on the first page, if we havent kids now which numbers should i put there? We married family me and my husband work. Thank you 😊
Thank you for making this videos. @6:55 In ref to section 4 B or C, in 4c you added $321, does this mean that an additional $321 will be deducted per check on top of what the Federal taxes are being taking out? I'm trying to educate myself, I do not want a refund at the end of the year or pay over 2K. In other words I want to break even or if I have to pay below $1K I will be Okay. I already looked at your other video filling out the Tax Withholding Estimator and noticed that you also added figures in 4B
[10:48am PST] @TaxesbyKatie.com Hello NRHTX, It means that $321 of additional taxes will be withheld each pay period ON TOP of any amount already taken from the paycheck.
Just yesterday I got a question from someone who put too much additional tax to be withheld, and they got no money in their next paycheck. It was all going to the IRS.
So this is for the higher paying job, what about the spouses w4 if they’re the one that makes less? They just fill out sections 1 and 5 and that’s it? Or would they select the dependent also and put the $2000.
[4:58pm PST] @TaxesbyKatie.com Hello J-flash, For the lower-earning spouse, it's sufficient to complete Steps 1 and 5 only, without claiming a dependent. It really depends on the income level. It could be a lower-earning spouse that makes $25,000 or $120,000.
[1:32pm PST] @SaintOres.com Hey MGrenn, Non-quick answer..... It doesn't make that much difference unless you had some major event happen and you have to update your W-4 ASAP. Withholding takes place throughout the year. If you need to adjust your withholding, doing so as quickly as possible means there’s more time for tax withholding to take place evenly during the rest of the year. If you do this at the end of the year, then there are fewer pay periods to make the tax changes which could have a bigger impact on each paycheck. Factors that can affect how quickly withholding changes are made mostly based on how often you are getting paid ( weekly, biweekly or monthly).
Thank you very much for your advice and help: after I received the two EIDL Loan increases . Last month the SBA sent me a message about getting more found : I requested the maximum SBA was offering me ? Bad news ; today when I opened my portal it shows the last amount I received not the asking amount. I called the SBA she was pretending she doesn’t know and she said you’ll receive an email soon and she hanged up on me . Please what should I do know .
How do you figure out the amount you need to have withheld additionally. We have been guessing how much to come up with the correct amount. One job, we have no credits, no dependents but with that alone we are hundreds of dollars under to get to the estimated tax for the year. So far we are having increased 3 times and it's still not enough. Ridiculous!
[2:33pm PST] @SaintOres.com Hi Diane, Yes, I agree this could be very frustrating. The easiest way to dial it in, is to use the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the 4(c) extra withholding. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html
This is a great video. Thank you. If i get 90k as gross income. Should i use that to check my estimation or subtract standard deduction (25k for married filing jointly) and then look for contribution.
[10:23am PST] @SaintOres.com Hey Viswa, I'm not too sure of what your question is. When you use the tax estimator, you start with your gross salary. Here's a link to the IRS tax withholding estimator. www.irs.gov/individuals/tax-withholding-estimator I hope this answers your question.
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You are my hero right now! I never was taught this and have no one to teach me in my life about things like this. Thank you so much!!
[2:57pm PST] @SaintOres.com
Thanks Katarina, You're very welcome! I'll be putting "You're my hero" on my business cards.
Is it’s true that if you check the Multiple Jobs box will withhold the most taxes? Thank you if you can answer my question. 😊
Finally an explanation that goes straight to the point. Super useful!
[11:14am PST] @SaintOres.com
Thanks Elisabetta, I'm glad it was useful...
I spent hrs looking for a video on how to help me file my paper work thank you for making the video and explaining the right way
Thanks Angelo, Glad it was helpful!
I went to two accountants and both could not explain this to me. Thank you, Katie!
[10:33am PST] @TaxesbyKatie.com
Thanks Jose, You're so welcome!
Thank you for your help! I was doing it all wrong 🙋🏽♀️😂 Thankful I came across your video in time to edit my form before it got submitted for payroll. God Bless You!
[10:03am PST] @SaintOres.com
Hello K, Glad I could help! The IRS changed the form a couple of years ago and the new form is quite a bit different.
Wow, a W4 video that Steven Spielberg would be proud of. Thanks.
You’re welcome Scott
I was hoping for George Lucas.
W4, The Movie. That should be a thing. I would actually watch that. Haha
I'll see if Dwayne Johnson wants to play the lead.
@@KatieStOresCFPChFCEA
Haha. I wonder what that movie would be like to watch.
Finally find something that gets to the point and tells me what I need to put. I messed up my first one so thank you for this!!!
[9:42am PST] @SaintOres.com
Thanks Brittany, I also think it's a waste of time to watch people asking me to click on things. Glad the video was helpful!
After using it successfully...sharing this with some friends. This was actually helpful!
[12:51pm PST] @TaxesbyKatie.com
Thanks Vijai, I'm glad it was helpful....
Good simple video with REAL example. Thank you for pointing out 2C checkmark (at 4:00 in video) ONLY check this if BOTH you and spouse are filling out NEW W4. For example my wife starting job in mid year... but I have been working all year and have not changed my W4.... we did NOT check 2C. We did enter for 2 x 500 other dependents. And used the table on back of w4 to find value for 4C.
[9:32am PST] @SaintOres.com
Thanks Francisco. I wish I could do videos like yours (Booze Taste test: Heavens Door, Grangestone, Toast and more) instead of W-4 videos....
You're awsome Katie. Clearly explained to how fill-out this W-4 form. Thank you so much.:) :) :).
[9:42am PST] @TaxesbyKatie.com
Thanks Breezy...
Love it! I've been struggling to find someone who knows why I haven't had federal taxes taken out. Nobody within my HR or payroll team could provide an answer.
[11:21am PST] @TaxesbyKatie.com
Hey Matthew, Happy to help! For example, often your filing status affects the way your taxes are withheld. The filing from a single person will have more withheld tax compared to someone that is married or is the acting head of a household.
Short,clear, easy! Thank you!
[9:42am PST] @TaxesbyKatie.com
Thanks Lana, You're welcome!
Most helpful video I've seen so far!
[9:59am PST] @SaintOres.com
Thanks Antonia, Glad it was helpful!
Thanks very much I also appreciate your clarity & simplicity. I used the tax estimator, & I pretty much trust the results, where just filling out the form, left me with questions, & a feeling of I hope this works.
[10:54am PST] @SaintOres.com
Hello Rob, The IRS updated the tax estimator a couple of months ago so it works well now. It's always good to revisit your W-4 after a couple of paychecks just to make sure. You don't want to be surprised when you file your taxes.
I really appreciate your great job you have delivered by this video.
[10:54am PST] @SaintOres.com
Thanks M. Q. , Glad it was helpful!
Thanks for making it CLEAR!!! Big Deal
[9:12am PST] @SaintOres.com
Thanks Latisha, Glad to help!
Thank you so much for the clear and well explained instructions on how to fill out this form!!!
Thanks Keeper, I’m glad it helped…
Nice breakdown of the W4!
[9:22am PST] @TaxesbyKatie.com
Thanks Orlando, Glad you enjoyed it.
Now I understand what it all meant and I’m also realizing my employers didn’t know how to fill these out either since I see they were doing it wrong as well 😂 I was getting taxed out the cheeks because of them 😂🤦🏾♂️
[9:52am PST] @SaintOres.com
Hello MK7 owner, It's a fairly new form, so hopefully they figured it out. You can always submit another W-4 to correct the first one.
Efficient and effective! Thank you Katie!
[4:25pm PST] @SaintOres.com
Thanks Racquel, I'm gonna put that on my business cards..."Efficient and Effective!"
@@KatieStOresCFPChFCEA As you should, it’s the absolute truth!!!
this was awesome! Thank you very much! straight to the point!
[11:14am PST] @SaintOres.com
Thanks Johnny, I appreciate the "awesome" comment.
You make it very simple , thank you so much for your help
Thanks Jamila, Glad it helped!
Man! Thank you so much for this. Finally!!!!
[2:33pm PST] @SaintOres.com
Thanks Freedom, I'm glad it was helpful....
So good! Better explanation than the others.
[5:15pm PST] @SaintOres.com
Thanks Clement, I'm glad you like it.
Thank you so much!!
that was a very helpful video, it had been a while since I filled out kw4 form I forgot how much of a hassle they are without help 😜
[11:18am PST] @SaintOres.com
Thanks Antonia, You're very welcome!
This is a great video and finally a good explanation! Keep up the good work!!
[1:02pm PST] @SaintOres.com
Thanks D, Glad you liked it!
Thank you for the great video, it really helped make things easier to understand. I do have one question about married filing joint with similar incomes and using step 2c. Just to make sure I'm correct in this: Person A fills out step 1, checks the box in step 2c, fills out step 3, filling out step 4 is optional, and fills out step 5. Person B fills out step 1, checks the box in step 2c, filling out step 4 is optional, and fills out step 5.
[4:18pm PST] @SaintOres.com
Hey Damon, You got it right.
And this is an awesome video. I learned a lot. Thank you so much!
9:29am PST SaintOres.com
Thanks Thuythi Bear, I am glad it helped.
Thank you for this video!
Thanks K C, You are so welcome!
Thank you for sharing this. Very easy to understand.
[2:13pm PST] @SaintOres.com
Thanks Naveen, Glad it was helpful!
quick to the point and very well explained --thank you
[10:33am PST] @SaintOres.com
Thanks Catz, Glad it was helpful!
Wow! Very helpful and simple to follow. Thank you!
[1:23pm PST] @SaintOres.com
Thanks GameLuver, Glad it was helpful! Always nice to get good feedback.
Thank you! This is wonderful!
[2:37pm PST] @SaintOres.com
Thanks Casey, You're welcome. Wonderful is a very nice word for a W-4 video.
Awesome 👏
Thank you luzia.
Very clear explanation.
Thanks so much
[10:13am PST] @SaintOres.com
Thanks Diana, You are welcome!
Thank you for clarifying a W-4 for our married/jointly situation! I did have the same question that looks like it was answered in the comments about the "other W-4" namely my spouse's. I had married/jointly and zero deductions last year for both of us and got a huge tax bill with penalties for underpayment. The big answer to this seems to be that each W-4 is assumed to be the only household income! Now pulling single/zero for both plus extra to try to make up for this year, but I'll try the lookup table and split the extra withholding (4c) between our W-4's next time...
[4:25pm PST] @SaintOres.com
Hey Bkfawcett, Instead of using the worksheet table try the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the W-4. Please take a 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
Yep! Thanks Katie! I use the estimator now at every pay period to see how we’ll work out this year. I keep bumping up our 401k savings in order to pay ourselves first, but it seem we’ll still owe a $chunk so I’ve also bumped withholding. I’ve never thought I’d need to send extra fed until TCJA kicked in…now we know!
[9:42am PST] @SaintOres.com
Great BK, The IRS likes to keep you thinking. Hopefully they don't change the form again this year. Everyone is starting to get the hang of it now.
Speaking of the Tax Withholding Estimator, it looks like it was updated very recently…
Exactly what I needed. Thank you, Katie!
Thanks Rinat, I’m glad it was helpful.
Great video thank you for explaining this!
[10:23am PST] @SaintOres.com
Thanks Rich, Glad it was helpful!
THANK YOU! Incredibly helpful!
[3:13pm PST] @SaintOres.com
Thanks a bunch Matthew, Glad it helped!
Super very HELPFUL! thanks!!!
[9:52am PST] @SaintOres.com
Thanks Greg, Glad it helped!
Amazing work ty for this!
[10:43am PST] @SaintOres.com
Thanks Bill, Glad you thought it was AMAZING!
Great information. But you didn't mention what my spouse have to fill if she's earning lesser than the two. Does she needs to put in the same withheld amount?
That is the exact question I came for too
Thank you for this I understand
ThanksJacqueline, I’m glad it helped.
Hi Katie, I’m so happy I came across your video. It’s so much better than others ….. Question: In Step 2 under multiple /other dependents it’s not referring to the spouse, correct ? It’s for “other” dependent besides spouse ??
Hello Rosie, Correct, other dependents., NOT your spouse.
@@KatieStOresCFPChFCEA thank you for responding so quick and taking the time to. 🫶🫶
VERY helpful! Thank you.
[9:32am PST] @SaintOres.com
Thanks Dean, Glad it was helpful!
Omg you are the best.. great break down
[12:21pm PST] @SaintOres.com
Thanks Nichole, That's very nice of you.
In this example, does it mean $321 is the total tax withheld from each paycheck OR does it mean that $321 of additional taxes will be held on top of whatever percentage is taken from the paycheck?
[10:22am PST] @TaxesbyKatie.com
Hello Celina, It means that $321 of additional taxes will be withheld on top of any amount already taken from the paycheck
Wonderful video. Thanks
[10:23am PST] @SaintOres.com
Thanks Russell, Glad you enjoyed it...
So helpful, thank you!
[1:10pm PST] @SaintOres.com
Thanks Allie, Glad it was helpful!
what about if I work and I get ( W2 and 1099 ) and married, but my wife doesn't work and we file married jointly. is that consider like single with two jobs ? do I have to fill out the sections 2-4 ? because you said it's either single with two jobs or married and each of us should have a job. but what about if I have W2 and 1099, but my wife doesn't have a job. Thank you for the great video.
[11:31am PST] @TaxesbyKatie.com
Hello أحمد خضير, When they are talking two jobs in the instruction, it means having two W-2 jobs, not income from 1099-NEC. 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
Thank you, so helpful
[11:51am PST] @SaintOres.com
Thanks Annita, Glad it was helpful!
Wow, definitely did this wrong. Thanks for your video!!!
[10:33am PST] @SaintOres.com
Thanks K, Glad it helped...
Great video! Very simple. I have couple of questions. Would like to know if I claim a child can he also claim the same on his w4 form. Also does both spouse and I need to complete w4 exactly same way on our w4 form
God bless you!!!
[10:33am PST] @SaintOres.com
Thanks Amanda, I'm glad you like it.
Very helpful inf. Keep it up👍
[9:52am PST] @TaxesbyKatie.com
Thanks Cesar, I'm glad it was helpful.
Good Goin' Katie.
Thanks Mark...
@@KatieStOresCFPChFCEA Kati, I have a question. I got a loan last year and am not sure how, when, or where to start to request forgiveness for the loan. I'm busy now starting an online marketing business, but what steps should I take to resolve this issue. No one has reached out to me yet, but with all of the crazy bureaucracy, I'm not use sure who's doing what to whom. Thanks, Mark b
@@markbradley8198 [4:48 PM PST] @TaxesbyKatie.com
Hey Mark, There is no deadline to apply for PPP loan forgiveness. PPP loans have a covered period of 8 to 24 weeks after the funds hit your bank account. Once that covered period ends, your loan payments are deferred for 10 months. At the end of the 10 month deferral period, you have to start making monthly payments with loan terms of 1% interest on a 2 to 5 year term. Therefore, it’s best to apply for forgiveness before this payment deferral period ends. No one will reach out to you, you have to apply and start the forgiveness process yourself. Contact the lender who funded your PPP loan and ask them if they have an online version of the forgiveness application.
Hi. I came to US in September 2022. Earlier I forgot to provide my dependent (Kid) details in W4 and Federal tax was deducted little higher. Luckily I was going through your video then I find out to provide dependent details and provided updated W4 to my payroll team. Now I am getting less federal tax.
My question is, how I can claim the previous deductions?
Thank you in advance!
[12:55pm PST] @SaintOres.com
Hello Sri Sunny, when you file your income tax return next year, it will be refunded if you overpaid your federal tax on your W-2.
Thank you!
thank you
[12:45pm PST] @SaintOres.com
Thanks Raymund, You're welcome
This was amazing
[10:33am PST] @SaintOres.com
Thanks Charles. It's the first time I've received an 'amazing' in the comments...
This video will definitely help me help my husband. My husband is the only one who works and we have 2 kids. He will make about 36,000 this year. His job has not been taking out federal taxes. I used the tax withholding calculator and it says we shouldn't expect a refund. Do you know why he isn't getting taxes withheld?
Hello Makenzi, The standard deduction along with having two kids is the reason that that you don't have taxes withheld. It's perfectly normal.
Thanks Katie
[3:43pm PST] @SaintOres.com
You're welcome Haris....
Wow. Thank you so much!!!
[3:23pm PST] @SaintOres.com
Thanks April, Glad it helped!
This new W-4 is ridiculously inaccurate. If I properly fill our Step 4 then the federal withholding (EXTRA withholding, mind you) is grossly over withheld. It seems to assume that only one spouse will have federal withholdings. WHY?
[11:31am PST] @TaxesbyKatie.com
Hello William, Remember not to get mad at the messenger. And I think it was written into the constitution that the IRS has to publish crazy tax forms. Anyway, for two working people, 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
Thanks a lot really helped 👌
[10:13am PST] @SaintOres.com
Thanks Sal, Glad it helped...
MOTHER RUSSIA!!!!! Great Job !!!! I love your accent!
Thanks Mikey, I'm glad you like the Wisconsin accent. eh!!!!!
Hi Katie - This is best video I have seen on this topic.. Lets assume what is showed is done by one spouse who is high earning.. What should the low earning spouse fill ?
[10:13am PST] @TaxesbyKatie.com
Hey R, The lower earner spouse can just complete Steps 1 and 5.
@@KatieStOresCFPChFCEA - Thanks Katie. But what should spouse select in 1(c) ?
Thank you for this great video, my question, what if the couple both have 2 jobs each, how do you calculate this since your video only shows the couple with 1 job each?
[10:29 AM PST] @SaintOres.com
Hello Remmy, If each spouse has two jobs, you are better off using the tax estimator. 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
Excellent video
Plz do single and Married filing separately with 3 children dependent and head of household
[11:59am PST] @SaintOres.com
Thanks Zhy, I hope to do a few more W-4 videos now that tax season if done.
Good Job ‼️🇺🇸 You helped me, Thanks‼️🌟🌟🌟🌟🌟
Thanks Roy, Glad to help.
I'm paying about $377 per paycheck on an annual income of 40K which seems a bit too much for my needs. Using the refund calculator this yields me a refund close to 5600. I'd prefer to see that money kept or paid to me instead of taken out each paycheck and reduce my tax per paycheck to be closer to zero and would be ok paying a small difference or nothing come tax time instead of getting such a big refund. So, for line 4b should I put $5600 or because I'm also head of household add the 19400 deduction and put in 25000? I'm sure many others have a similar question and could use my example to help figure this out. I think I understand this but I'm not 100 confident about what to input for line 4b for me knowing my intention to have less tax removed from each paycheck. I'm leaning to believe I should input 25000 but I don't want to really mess up my paycheck somehow or my final tax return next year. So, any guidance or clarity on this would be much much appreciated! Thank you!
[3:18pm PST] @SaintOres.com
Hello Justin, Congratulations on having one of the longest comments I've received. As to your question.... Line 4(b) requires the use of a deduction worksheet. This worksheet will help you determine whether you're better off taking the standard deduction or itemizing your deductions. If you want less money taken from your paycheck, 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
Great video. Can you explain how all of the figures entered on Form W-4 are used by an employer or the IRS? For example, how does the $2000 + $3000 + $321 in your example inform what is held each pay period/year? I'm clear on how to fill out the form but I don't really understand what is done with the numbers I've entered.
Hello David, There was a major revision to the W-4 in 2020, which is why I did these W-4 walk through videos. Being so recent, there is a lot of info on the methods, thoughts, and reasoning in changing the form. The IRS Employee's Withholding Certificate page (here's the link www.irs.gov/forms-pubs/about-form-w-4) would be a much better place to start than for me to explain it. If your question is more about how it impacts your withholding, then playing around with the numbers in the IRS Tax Withholding Estimator would be the best place to start. Here's that link: www.irs.gov/individuals/tax-withholding-estimator
@@KatieStOresCFPChFCEA Thank you so much! My question was more around how the figures entered impact the withholding. If we just take the $2000 for a dependent, for example. Is that $2000 less than would be withheld from paychecks over the year? Appreciate your response and the resources you shared!
[2:04 PM PST] @SaintOres.com
Hey Davis, Depending on your income and family size, the Child Tax Credit (CTC) is worth up to $2,000 per qualifying child and up to $1,500 is refundable.
The CTC can reduce your taxes bill by up to $2,000. If you don’t owe taxes or your credit is more than the taxes you owe, you can get up to $1,500 back in your tax refund. I hope this helps!
Really informative video. Thanks so much for breaking it down! I hope you can answer a question I still have about the form. With my employer, I fill out our tax withholdings information on an employee self-service website. However, we don't see the actual W4 form as you showed in the video. Instead, it shows the following as of today 5/2021:
Tax Marital Status(1): Married filing jointly(or Qualifying widow(er))
Withhold at higher rate(2):
Claim Dependents Amount(3): -
Other Income (4a): -
Deductions (4b): -
Extra Withholdings (4c): -
I'm married filing jointly. Would enough taxes be withheld if I select "Yes" for step 2 (withhold at higher rate) instead of using the worksheet and putting an amount in 4(c)?
[1:23pm PST] @TaxesbyKatie.com
Hey Penelope, Yes, you can just choose Step 2 (withhold at the higher rate), that should be enough. Check the next payroll stub to be sure.
@@KatieStOresCFPChFCEA Thanks so much!
@@curlyandproud [2:33pm PST] @TaxesbyKatie.com
You're welcome....
The forms from 2018 when I first got to US were pretty straightforward. I didn't work for a year+ and recently started working again and I can't make head or tail of these forms. The lady at HR couldn't help me either. Just told me to pick anything. I've been watching video trying to make sense and fill new forms. Why is America like this? They like to take straightforward stuff and make it unnecessarily complicated. The sadism is real.
[9:12am PST] @SaintOres.com
Hello Joy, Congratulations on the new job. Like you said, the W_4 form recently had a major revision. They always try and simplify the forms but it usually causes confusion. Remember that only 1 and 5 are required and you can always fill out the form again after a few paychecks if something doesn't look correct.
@@KatieStOresCFPChFCEA thank you so much
Great video Katie, Assuming in your scenario, all of their income was taxable how much would be taken out of each check? 8340/26 = 320.76? minus the child 2000/26 =76.92 meaning they would expect 320.76 - 76.92 = 243.84 withholdings?
Does this mean that they take more taxes or less after doing step 2? I got $193, is that gonna be on top of something else? Like is it an extra 193?
How to do a Form 7202 for Sick leave and Family Leave can you do a Video on that one please.
[10:01am PST] @SaintOres.com
Hey JJ, Thanks for the 7202 request. I'll look into doing that video after tax season.
If married filing jointly, assume no kids, then do both parties fill out the W-4 the same the way you demonstrated? Meaning, is this calculating half of the withholding and the other half will be withheld by you spouses employer? TIA.
[3:08pm PST] @SaintOres.com
Hello William, Not sure about your question. If you are asking regarding an extra withholding amount, then include the whole amount on the W-4 of the higher earner: the other spouse can complete only Steps 1 and 5 on their W-4..
Thanks for the information!
If married filing jointly, do both parents claim their dependent(s) on their own individual forms? For example, we have one child. Do we claim that dependant on each of our forms…my spouse claims a dependent and I claim a dependent for the one child?
[1:02pm PST] @SaintOres.com
Hello Shannon, If there is a significant difference in wages between spouses, then it makes sense for the higher wage earner to claim their child, and for the other spouse to complete just Steps 1 and 5, but it depends on each situation. However, for the most accurate results, it is best to use the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the W-4. Please take a 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
Married filing separately with one child and I make under 200K I had checked the box for married filing separately and then for dependents I had 1 so I multiplied by 2,000 and got 2,000. Did I do this correctly? Because I didn't see a difference in my paystub. I also requested an additional $50 be taken out. My HR said they cannot tell me what to put. I just want to make sure I won't be owing money at the end of the year.
[5:28pm PST] @TaxesbyKatie.com
Hello Selena, 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 when you file your taxes.
question, I started a second job. My higher job is 100,000-125,000 and my second job will be one of the first two columns. if im getting standard deductions taken out from Both already, why would I take EXTRA withholdings out. With my first job i will get back around 2000 and not sure about the second one but taking even more out seems a bit much. I will end up getting back a bigger check wiich i dont want. Id rather max my paycheck out wiohtout owing money.
[12:55pm PST] @SaintOres.com
Hello 1890Orsy, Keep in mind that you will have an increase in taxes as your income rises, and only one standard deduction can be claimed on each tax return. When you have more than one job at a time, more money should be withheld from the combined pay for all the jobs than would be withheld if each job was considered by itself.
Thank you!!!!
[10:23am PST] @SaintOres.com
Thanks Tamika, You're welcome!
Thank you for your help, my wife started to work this week only married filing jointly, I did not put a number for the extra withholding for my own check in the past 4 month ,since she works now Should I pay the extra withholding from my paycheck or should we split this number from the worksheet. Let’s say the final number is 120 per check should I only pay it or split it between our W4.
Hello, Katie. Kudos on your video production style.
I am loving that touch screen you are using. I really like the color markers at the bottom of the screen.
What is the screen?
What is the Application showing the color markers?
Can it be a white screen so I can use it has a whiteboard to perform statistics problems?
Can work written on it be saved to files?
I LIKED and Subscribed.
@@KatieStOresCFPChFCEA Thank you. 4’ H x 8’ W (48”H x 96”W)? Okay.
Great video -- one question - do I fill out both my W-4 and my wife's W-4 the same way or for this example in the video is this just for the higher paying job? I am not sure how to fill out the W-4 for the other job. THank you!@
[11:34am PST] @SaintOres.com
Hello Cafasso, I don't have enough financial details regarding your income situation. But you shouldn't fill out your spouse's W-4 the same way as yours since you are a higher earner. Steps 1 and 5 are mandatory. So, she should complete those and adjust her W-4 any time during the year.
@@KatieStOresCFPChFCEA Thanks, sorry i couldn't provide more info on my situation. I will have to talk to a tax pro in my area b/c i still am thoroughly confused as to how much tax should be taken out of her paychecks even though I did all of these steps in mine to take the extra tax due. Thanks again!
[12:35pm PST] @SaintOres.com
Yes. Your tax person should be able to let you know how much should be taken out. Then you don't have to worry about it.
Hi katie..Can do a video how to fill EFIN application and which document are required?
[9:32am PST] @SaintOres.com
Hello Ram, Yes, I just finished filming a video on how to apply for a EIN number. It will take me a few days to edit it and post it to UA-cam. Thanks for the suggestion.
4:53 When it says *"wages and salaries"* it's UNCLEAR what it means.
a) Gross pay, or
b) Net pay (what I actually get to take to the bank)
HUGE difference between the two. But the form will not tell you anywhere what to use!!
But this form is asking for annual "wages and salaries" so do I have to look in my W2 forms??
I wish they would actually explain this instead of letting you guess what number to put in there.
[4:38pm PST] @TaxesbyKatie.com
Hello Kenji, It is gross wages. You are calculating a withholding to arrive at your net. If you used your net as a starting place, you would be withholding from wages that already have withholding.
@@KatieStOresCFPChFCEA thanks for the info!
What if you work two jobs and your spouse works one job? How would you file that on the Step 2(b) worksheet and based off of the page 4 sheet? It asks, "if you have two jobs OR you're married filing jointly and you and your spouse each have on job, find the amount from the appropriate table on page 4." So do I go off of the two jobs option, or do I go off of the married filing jointly option? I am unsure because I have two jobs, but my wife also has one job.
[2:03pm PST] @TaxesbyKatie.com
Hey Brandon, Now you're getting into three jobs, so I would say 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. Each of you complete your own tax estimator questioner. 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
Thank Katie. Thank you for the great explanation. If I am filling married jointly and my wife works, does she need to have the same numbers in her W4? If I am putting my children (under 17) as dependents would she also need to put them in her w4 or only one of us can claim them as dependents? Thank you.
[10:43am PST] @SaintOres.com
Hello Jose, You would not want to fill out W-4 the same way if there is a significant difference in wages between spouses. It makes sense for a higher wage earner to claim their kids, and the other spouse can just complete Steps 1 and 5, but it depends on each situation.
For the most accurate results, it is best to use the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the W-4. Please take a 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
@@KatieStOresCFPChFCEA thank you Katie. I will take a look at the estimator.
Omg ty
[9:32am PST] @SaintOres.com
Thanks Mandy, You're welcome....
How do you estimate how much federal taxes are withheld from your paycheck?
Hello Jason, The IRS has a nice little calculator that can give you an accurate estimate. Here's the link www.irs.gov/individuals/tax-withholding-estimator
Thank you! One question, just want to clarify that if you only complete step 1 and step 5 then they will deduct whatever is standard for your wages correct? Also if we do not put the $6,000 in step 3 for the 3 dependent children does that mean they will defect more and we might have a refund at the end of the year?
Hello Jessica, Yes, that is basically correct. If you want to see how it would effect everything, try using 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
Hi - I usually claim 0 filing single or married withhold at single rate, so that I do not owe any tax money at the end of the year. I usually get a decent refund, however, I started a new job, and the amount of taxes being taken out of my paycheck is almost 1/3. Can you please help me understand what I should be claiming to get more money in each paycheck but NOT owe at the end of the y ear?
[12:41pm PST] @SaintOres.com
Hey Patti, The best option is to use the IRS withholding tax estimator. Then 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 Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
When married filing jointly, do both wife and husband enter the same amount for claiming dependents under 17? For example, if they have two kids both under 17 would both husband and wife put $4,000 for their dependents section? Or should whoever makes the most claim the two children and calculate the extra withholding, and the other partner put 0 for dependents and 0 for extra withholdings?
[10:43am PST] @SaintOres.com
Hey Real, It makes sense for a higher wage earner to claim the kids ($4,000) and the other spouse can just complete Steps 1 and 5. For the most accurate results, it is the best to use the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the W-4. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html
Thank you Kathie, you explained very good. But there is one question on step 3 Claim dependents on the first page, if we havent kids now which numbers should i put there? We married family me and my husband work. Thank you 😊
[11:01am PST] @SaintOres.com
Hello Chef, If you don't have any kids or dependents, just skip this step altogether.
@@KatieStOresCFPChFCEA thank you sooo much ! 👍👍👍
@@cheftan888 [3:13pm PST] @TaxesbyKatie.com
You're welcome.......
Thank you for making this videos. @6:55 In ref to section 4 B or C, in 4c you added $321, does this mean that an additional $321 will be deducted per check on top of what the Federal taxes are being taking out? I'm trying to educate myself, I do not want a refund at the end of the year or pay over 2K. In other words I want to break even or if I have to pay below $1K I will be Okay. I already looked at your other video filling out the Tax Withholding Estimator and noticed that you also added figures in 4B
[10:48am PST] @TaxesbyKatie.com
Hello NRHTX, It means that $321 of additional taxes will be withheld each pay period ON TOP of any amount already taken from the paycheck.
@@KatieStOresCFPChFCEA Ouch 😲and thank you for your quick response.
Just yesterday I got a question from someone who put too much additional tax to be withheld, and they got no money in their next paycheck. It was all going to the IRS.
So this is for the higher paying job, what about the spouses w4 if they’re the one that makes less? They just fill out sections 1 and 5 and that’s it? Or would they select the dependent also and put the $2000.
[4:58pm PST] @TaxesbyKatie.com
Hello J-flash, For the lower-earning spouse, it's sufficient to complete Steps 1 and 5 only, without claiming a dependent. It really depends on the income level. It could be a lower-earning spouse that makes $25,000 or $120,000.
Thank you !
Thanks Bea, and you're welcome!
Quick question: How should handle my (higher income) weekly pay compared to spouse (lower income) bi-weekly pay? Thank you for the great video!
[1:32pm PST] @SaintOres.com
Hey MGrenn, Non-quick answer..... It doesn't make that much difference unless you had some major event happen and you have to update your W-4 ASAP.
Withholding takes place throughout the year. If you need to adjust your withholding, doing so as quickly as possible means there’s more time for tax withholding to take place evenly during the rest of the year. If you do this at the end of the year, then there are fewer pay periods to make the tax changes which could have a bigger impact on each paycheck. Factors that can affect how quickly withholding changes are made mostly based on how often you are getting paid ( weekly, biweekly or monthly).
Thank you very much for your advice and help: after I received the two EIDL Loan increases . Last month the SBA sent me a message about getting more found : I requested the maximum SBA was offering me ? Bad news ; today when I opened my portal it shows the last amount I received not the asking amount. I called the SBA she was pretending she doesn’t know and she said you’ll receive an email soon and she hanged up on me . Please what should I do know .
Hello Lakbir, The best I can tell you is to call the SBA back and speak to someone else. They are the only ones that can help you. Good luck...
How do you figure out the amount you need to have withheld additionally. We have been guessing how much to come up with the correct amount. One job, we have no credits, no dependents but with that alone we are hundreds of dollars under to get to the estimated tax for the year. So far we are having increased 3 times and it's still not enough. Ridiculous!
[2:33pm PST] @SaintOres.com
Hi Diane, Yes, I agree this could be very frustrating. The easiest way to dial it in, is to use the IRS withholding tax estimator. Use the results from the estimator to determine what information to put on the 4(c) extra withholding. Please take a look at this video to help use the IRS tax estimator. ua-cam.com/video/q9DMfsxpTIc/v-deo.html
This is a great video. Thank you. If i get 90k as gross income. Should i use that to check my estimation or subtract standard deduction (25k for married filing jointly) and then look for contribution.
[10:23am PST] @SaintOres.com
Hey Viswa, I'm not too sure of what your question is. When you use the tax estimator, you start with your gross salary. Here's a link to the IRS tax withholding estimator.
www.irs.gov/individuals/tax-withholding-estimator I hope this answers your question.