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"
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.
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!
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!
Im glad i was brought into the world in a place where i can actually learn stuff like this before it truly matters. Im going into my sophomore year at 14 years old and my school hasn't yet taught us things like this which would be very important for the future. Hopefully that will change but the place i live in already goves me a head start to be able to succeed in life
This is my 1st year doing taxes with United Way & it’s sooooooooo many ppl that have no clue😭 It’s sad the IRS won’t put anything out regardless this form‼️ I’m going to send this video to people to assist them💯
thanks,no wonder!! everything changed I did not know that, former employer they didnt tell me.. now tomorrow I start with new employer. I'm single but have a second job I work about 16 hours per month I'll just check the box.
[1:26pm PST] @SaintOres.com Hello Patricia, Good luck on your first day. Keep an eye on your withholding with the first couple of paychecks. Make sure it looks correct, so you don't owe a bunch of money at tax time.
[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
[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. czcams.com/video/q9DMfsxpTIc/video.html
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" czcams.com/video/fpq8jSB5NpY/video.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
[10:31am PST] @SaintOres.com Hey Chris, The revised W4 was introduced at the beginning of 2020, so your new employer is only two years behind the times. Most people did like the old version. Is your employer also using morse code and steam engines????
[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 (czcams.com/video/w3oPHhUnj1Y/video.html). But in general, I suggest people use the IRS tax estimator in situations that require extra withholding.
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.
I’m at a new job & HR was telling me the new forms didn’t allow for dependents 😮I commented that that was what the $2k per dependent was for & she told me I was wrong.
Hello Lisandra, Step 3 on a redesigned form W-4 is specifically designated to claim your dependents. Here is the direct link to the IRS website with the form. www.irs.gov/pub/irs-pdf/fw4.pdf
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
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.
@@KatieStOresCFPChFCEA if married filing jointly and we have one child / dependant and both are working under 200k income do we both put the $2000 on each of our forms?
@@heckThor332 Hello Hector, Sorry, I missed your comment since it was under another comment. Anyway... The best option is for a higher earner to claim that $2,000 credit. If you want you can both claim it, but in this case, it is possible that not enough taxes will be withheld during the year.
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
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.
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.
[2:14pm PST] @SaintOres.com Thanks Daniel, Wait, 7:18... So your favorite part is when I'm not in the video. Don't worry, I really don't like doing CZcams videos anyway.
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.
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.
This is extremely helpful, I thought I claimed “0”, not knowing the form had changed and ended up not getting any taxes taken out for 2023. 🤦🏻♀️ Is it possible for too much tax to come out and you won’t get it back at the end of the year?
Hello Sabrina, Yes, It is possible for too much tax to be withheld from your paycheck, but you will get it back when you file your tax return. File your 2023 tax return as soon as possible. This will help you determine your actual tax liability and avoid any penalties for late filing. Submit a new correct W-4 form to your employer. This will update your withholding information and ensure that the proper amount of taxes are withheld from your paychecks for the rest of 2024.
The company I work for recently got bought out by another company. This has happened multiple times since I've worked there and I've never had to fill out a new W-4 because of the buy out. This year, our Federal taxes aren't being removed properly if at all and we are being told that we need to fill out a new W-4 for some reason. Everything I've read says we don't need to fill one out if nothing in our lives has changed. The only thing that has changed for the whole group I work for is that we got bought out. I've been going back and forth with HR and payroll. I don't think we should have to fill out a new W-4.
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.
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 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.
Are you planning on redoing this video for 2023 W4? I just found it and would like to have my new hires who have questions on filling out the W4 watch it.
[11:54 AM PST] @SaintOres.com Hello Samantha, This video will work fine for new hires. The form didn't change except for dollar amounts in the worksheet table. But for other reasons I am going to redo the video after tax season is over. I'm going to add a little more description on how to file exempt. That seems to be the most common question in the comments.
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.
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.
OK, this form makes sense for those of us who have *predictable* annual income. In my case, I am starting to look for work and expect to take multiple part-time jobs, having no idea what my "lesser paying" job will amount to. I am married filing jointly; should I use my 2021 income as the "lesser paying" job, or make a *prediction* for what my 2022 income *will* be?
Hey Ms Sparky and You, Do your best and estimate your 2022 income. You can always adjust your W-4 at any point during the year if you're not happy with the withholding.
[10:24am PST] @SaintOres.com Hello Mirjan, On your M-4 (I assume you are a resident of Massachusetts) you put "1" as a personal exemption if you are single and under 65. If you are age 65 or over or will be before next year, write "2".
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 am doing DoorDash but I don’t know how much I’m making I just stared not even a week ago! But I’m filling out my W4 for a full time job I just got hire for! I don’t know what to put in 4(a)
[4:58pm PST] @TaxesbyKatie.com Hello Patricia, You put nothing in Step 4(a). This refers to passive income like from investments, for example, not from a side hassle.
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
I used to claim 10 to have the least amount of taxes taken out, and then at the end of the year i would owe some money, so i switched my witholding to 6 and that allowed me to take more money in my paycheck AND i did not owe any taxes at the end of the year, BUT i also did not get any money back, so it was just the right amount of witholding. In the previous years 2022, 2021, etc on the witholding certificate on line 5 is where i would put the #6, the 2023 W4 looks different , so my question is , on the 2023 W4 where would i put the #6 for my witholding?
[10:44am PST] @SaintOres.com Hello Kiim, Allowances have been removed from the redesigned Form W-4. So you can't use the #6 "option" any longer. 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. czcams.com/video/q9DMfsxpTIc/video.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[10:43am PST] @TaxesbyKatie.com Hello Leontyne, There is no special box on the W-2 for extra withholding. It will increase the Federal withholding amount. To be sure, compare it with your previous year.
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.
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".
If you don't make a similar income, then avoid the multiple jobs worksheet and use the IRS Tax Withholding Estimator. Here is a link... www.irs.gov/individuals/tax-withholding-estimator
What about step 3? What if we want more taken out of our check vs less taken out of our check. When we claim our dependents does that mean less is taken out of our check and more is given back in taxes? This confuses me. I would rather have more in my check and a smaller income tax. I have one child.
[10:44am PST] @SaintOres.com Hello ML, If you have dependents and you claim them on your W-4 in Step 3, then less taxes are taken out of your paycheck. As a result, you may have to pay taxes in April when you prepare your tax return; it mostly depends on your marital and financial situation.
Hello Jason, You need to complete steps 1 and 5 only. If you do that your employer will use a standard deduction amount based on your tax filing status to determine the tax withholding.
And the instructions are to send it to your employer - does that mean only payroll at your employer receives the information for additional deductions, and the IRS is not itself responsible?
[11:45 AM PST] @SaintOres.com Hello Starless, You submit your W-4 to your employer, and they are responsible for withholding. The IRS itself is not responsible for withholdings and deductions. Employers are no longer required to routinely submit Forms W-4 to the IRS. In certain circumstances, the IRS may direct employers to submit copies of Forms W-4 for certain employees to ensure that the employees have adequate withholding.
Hello Kevin, Sorry for delay, you comment went into the 'Held" folder.... Yes, you would put the same number for both of your kids under the required age on your W-4. The number of dependents you enter on your W-4 form is used to determine how much federal income tax should be withheld from your paycheck. Since your kids are both under the required age, they are both considered qualifying dependents. This means that you can claim them as dependents on your tax return, and you will also be able to enter the same number for both of them on your W-4 form.
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.
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.
[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.
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.
Hello Fire Gal, Here's a video with dependents that you are asking about. Just skip to the dependents section. Hope this helps. czcams.com/video/fpq8jSB5NpY/video.html
[9:32am PST] @SaintOres.com Hello Gal of Fire, Sorry, I misread your question. I will definitely put a W-4P form on the list of videos to do. There's no end of videos to do thanks to the IRS. Have a great weekend.
@@KatieStOresCFPChFCEA Good morning. Thank you for responding. The future W-4P video will help tremendously as tax time approaches. I file single with 2 dependents with a government monthly pension that is taxed, here in Florida. I look forward to the video when you have time to compose it and I’m sure other retirees will benefit from it as well. It’s very much appreciated. Thank you and God Bless.
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.
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. czcams.com/video/q9DMfsxpTIc/video.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[1:27 PM PST] @SaintOres.com Hello Marian, The deductions worksheet (Step 4b) is on page 3, the bottom portion of the page. Here is the link www.irs.gov/pub/irs-pdf/fw4.pdf
My question is, will adding dependents and no other withholdings make it so that I will owe that money back when I file for taxes? I am so scared of adding dependents because of that
[8:52am PST] @SaintOres.com Hi Cosmic, when you add dependents without any other withholdings, it's possible that you may owe money when filing taxes. This is because claiming dependents reduces the amount of tax that is taken out of your paycheck each month. If you find yourself owing money during tax season, it's because you didn't have enough tax withheld throughout the year.
[12:05pm PST] @SaintOres.com Hello Josephine, A Form W-4 exemption from withholding is valid for one calendar year only. To continue to be exempt from withholding in the next year, an employee must give you a new Form W-4 claiming exempt status by February 15 of that year. Otherwise, it reverts to nonexempt status.
[10:35am PST] @SaintOres.com Hello Fabian, You will need to use the multiple jobs worksheet or tax estimator (www.irs.gov/individuals/tax-withholding-estimator) to calculate the amount for 4(c). You can make adjustments and see how these adjustments in Step 4(c) affect your withholding and refund.
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.
Thank you for your video! I would very much appreciate if you could tell me if I’m single have no dependents and only have the bare minimum of taxes taken out from my pay check what do I need to put on my w4? Thank you!!!
[1:46pm PST] @SaintOres.com Hey Daniel, You're welcome. As for your question, you could just fill out 1 & 5, and revisit your W-4 after a couple of paychecks if you're not happy with the withholding. OR. You could try using the IRS withholding tax estimator instead (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. czcams.com/video/q9DMfsxpTIc/video.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
[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.
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
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.
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
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'.
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.
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.
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!
Im glad i was brought into the world in a place where i can actually learn stuff like this before it truly matters. Im going into my sophomore year at 14 years old and my school hasn't yet taught us things like this which would be very important for the future. Hopefully that will change but the place i live in already goves me a head start to be able to succeed in life
This is my 1st year doing taxes with United Way & it’s sooooooooo many ppl that have no clue😭
It’s sad the IRS won’t put anything out regardless this form‼️
I’m going to send this video to people to assist them💯
Thanks HOT Girl in Miami, I appreciate the nice comment and I'm glad the video helped out.
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.
Best simple video on youtube to explain w4
Thanks Todd, Glad it helped...
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.
thanks,no wonder!! everything changed I did not know that, former employer they didnt tell me.. now tomorrow I start with new employer. I'm single but have a second job I work about 16 hours per month I'll just check the box.
[1:26pm PST] @SaintOres.com
Hello Patricia, Good luck on your first day. Keep an eye on your withholding with the first couple of paychecks. Make sure it looks correct, so you don't owe a bunch of money at tax time.
🤩 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
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. czcams.com/video/q9DMfsxpTIc/video.html
@1:48 thank god I did it right,
I haven’t worked in a job that actually asked me to sign a w4 in a while. This really helped
[4:48 PM PST] @SaintOres.com
Thanks Casg, Glad it helped. And I let God know you thanked her also.
Thank you so much. You saved me. I got so confused. I didn't think I had to fill out this form again.
[2:04pm PST] @SaintOres.com
Thanks Cam, I'm happy I saved you.
Spasibo Katusha! Vi ocharovatel'ny!
[11:12 AM PST] @SaintOres.com
Privet Andrey, Spasibo. Rada pomoch'.
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" czcams.com/video/fpq8jSB5NpY/video.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
i just got a new job in california and me employer gave me the 2019 version to fill out, its easy!!!
[10:31am PST] @SaintOres.com
Hey Chris, The revised W4 was introduced at the beginning of 2020, so your new employer is only two years behind the times. Most people did like the old version. Is your employer also using morse code and steam engines????
@@KatieStOresCFPChFCEA yes they still use manual time cards that you have to punch manually. and they also dont give breaks....
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!
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 (czcams.com/video/w3oPHhUnj1Y/video.html). But in general, I suggest people use the IRS tax estimator in situations that require extra withholding.
Thank you I have very bad anxiety trying to figure this stuff out on the spot.
[1:26pm PST] @SaintOres.com
Sorry AJ, I only do tax videos. You'll have to look elsewhere for psych help.
@@KatieStOresCFPChFCEA Lol! I suppose that is asking a bit much. Thank you though!
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.
I’m at a new job & HR was telling me the new forms didn’t allow for dependents 😮I commented that that was what the $2k per dependent was for & she told me I was wrong.
Hello Lisandra, Step 3 on a redesigned form W-4 is specifically designated to claim your dependents. Here is the direct link to the IRS website with the form. www.irs.gov/pub/irs-pdf/fw4.pdf
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.
Thank you so much for this video, Katie.
3:46pm PST SaintOres.com
Thanks Ryce, Glad it was helpful!
Very informative video
Thanks for the nice comment, glad you liked it.
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
Wonderful job with this video...thank you :)
Aye Aye Sir, Thanks for the nice comment.
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?
Helps a lot.I,m beginning a new job and for the 1st time i received a W4. This could help me get closer to completing on my own. Thanks
[11:41am PST] @TaxesbyKatie.com
Thanks DeWayne, Glad I could help. And good luck on the new job.
@@KatieStOresCFPChFCEA if married filing jointly and we have one child / dependant and both are working under 200k income do we both put the $2000 on each of our forms?
@@heckThor332 Hello Hector, Sorry, I missed your comment since it was under another comment. Anyway... The best option is for a higher earner to claim that $2,000 credit. If you want you can both claim it, but in this case, it is possible that not enough taxes will be withheld during the year.
Seems simple enough! Thank you.
[2:05pm PST] @SaintOres.com
Thanks Vett, You're welcome!
Thank you
Thanks Levar... You're welcome....
Great vid. so helpful. Thank you.
Thanks Will, Glad it was helpful!
I think this was more helpful than some of the other videos I watched.
[10:50 AM PST] @SaintOres.com
Thanks Eric, Glad to know it was at least a little helpful.
thanks!
Thanks Yisroel. You're welcome
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
Thanks for posting, it helped me fill mine out last year, the best explanation I have found so far. Does this apply to 2023 as well?
[9:41am PST] @SaintOres.com
Hello Rdc, Thanks for the nice comment... Yes, this form still applies in 2023. The IRS changed it back in 2020.
Useful video but I suppose to be watching one about W4P for Retirement Application 🤔
Oopsss - Sorry, I don't have a W4P video yet... but I'm going to film one after tax season..
the IRS W-4 estamator is not working their server infastructure is a compleate joke. 🤡
but the video you show me helps me alot better than irs.
Thanks Theinfoman, I've never been compared to the IRS before. I'm glad the video helped.
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.
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.
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.
7:18 really did it for me! Thanks great vid
[2:14pm PST] @SaintOres.com
Thanks Daniel, Wait, 7:18... So your favorite part is when I'm not in the video. Don't worry, I really don't like doing CZcams videos anyway.
@@KatieStOresCFPChFCEA this is the exact info everyone’s looking for! Thank you!!!
@@diamondegrant [4:09pm PST] @SaintOres.com Thanks Diamonde, I'm glad it was helpful.
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 😊
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! 😃
You made this way easier than everyone else, you are awesome. Are you from Wisconsin ?
[3:04pm PST] @SaintOres.com
Thanks William, I will now be telling everyone that I am awesome. And yes, the northwoods of Wisconsin.
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.
Thanks so must for doing this video
[11:11am PST] @SaintOres.com
Thanks Life Lover.... You're welcome.
This is extremely helpful, I thought I claimed “0”, not knowing the form had changed and ended up not getting any taxes taken out for 2023. 🤦🏻♀️
Is it possible for too much tax to come out and you won’t get it back at the end of the year?
Hello Sabrina, Yes, It is possible for too much tax to be withheld from your paycheck, but you will get it back when you file your tax return. File your 2023 tax return as soon as possible. This will help you determine your actual tax liability and avoid any penalties for late filing. Submit a new correct W-4 form to your employer. This will update your withholding information and ensure that the proper amount of taxes are withheld from your paychecks for the rest of 2024.
Yes got it done. Submitted a new w-4 today. Thank you!
Great... Keep an eye on your next couple of paychecks. You can always submit another W-4 if the withholding is not correct.
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.
The company I work for recently got bought out by another company. This has happened multiple times since I've worked there and I've never had to fill out a new W-4 because of the buy out. This year, our Federal taxes aren't being removed properly if at all and we are being told that we need to fill out a new W-4 for some reason. Everything I've read says we don't need to fill one out if nothing in our lives has changed. The only thing that has changed for the whole group I work for is that we got bought out. I've been going back and forth with HR and payroll. I don't think we should have to fill out a new W-4.
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.
Very helpful. Thank you
[1:46pm PST] @SaintOres.com
Thanks Kaleb, Glad it was helpful!
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 appreciate this video, it’s been useful for me!!!!
[1:36pm PST] @SaintOres.com
Thanks Blessings, Glad it was helpful!
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.
Are you planning on redoing this video for 2023 W4? I just found it and would like to have my new hires who have questions on filling out the W4 watch it.
[11:54 AM PST] @SaintOres.com
Hello Samantha, This video will work fine for new hires. The form didn't change except for dollar amounts in the worksheet table. But for other reasons I am going to redo the video after tax season is over. I'm going to add a little more description on how to file exempt. That seems to be the most common question in the comments.
@@KatieStOresCFPChFCEA Thank you
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....
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.
OK, this form makes sense for those of us who have *predictable* annual income. In my case, I am starting to look for work and expect to take multiple part-time jobs, having no idea what my "lesser paying" job will amount to. I am married filing jointly; should I use my 2021 income as the "lesser paying" job, or make a *prediction* for what my 2022 income *will* be?
Hey Ms Sparky and You, Do your best and estimate your 2022 income. You can always adjust your W-4 at any point during the year if you're not happy with the withholding.
Again not sure what that exemption is. Im filling the M-4 form and i dont know what to put there...
[10:24am PST] @SaintOres.com
Hello Mirjan, On your M-4 (I assume you are a resident of Massachusetts) you put "1" as a personal exemption if you are single and under 65. If you are age 65 or over or will be before next year, write "2".
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 am doing DoorDash but I don’t know how much I’m making I just stared not even a week ago! But I’m filling out my W4 for a full time job I just got hire for! I don’t know what to put in 4(a)
[4:58pm PST] @TaxesbyKatie.com
Hello Patricia, You put nothing in Step 4(a). This refers to passive income like from investments, for example, not from a side hassle.
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
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.
I used to claim 10 to have the least amount of taxes taken out, and then at the end of the year i would owe some money, so i switched my witholding to 6 and that allowed me to take more money in my paycheck AND i did not owe any taxes at the end of the year, BUT i also did not get any money back, so it was just the right amount of witholding. In the previous years 2022, 2021, etc on the witholding certificate on line 5 is where i would put the #6, the 2023 W4 looks different , so my question is , on the 2023 W4 where would i put the #6 for my witholding?
[10:44am PST] @SaintOres.com
Hello Kiim, Allowances have been removed from the redesigned Form W-4. So you can't use the #6 "option" any longer. 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. czcams.com/video/q9DMfsxpTIc/video.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
I had extra tax withholding taken out throughout the year, I see it in on my paystub; however, I can not find it on my W-2.
[10:43am PST] @TaxesbyKatie.com
Hello Leontyne, There is no special box on the W-2 for extra withholding. It will increase the Federal withholding amount. To be sure, compare it with your previous year.
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.
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".
What should you do for step 2 letter C if you and your spouse don't make similar income?
If you don't make a similar income, then avoid the multiple jobs worksheet and use the IRS Tax Withholding Estimator. Here is a link... www.irs.gov/individuals/tax-withholding-estimator
@@KatieStOresCFPChFCEA Thanks for your response.
You're welcome...
What about step 3? What if we want more taken out of our check vs less taken out of our check. When we claim our dependents does that mean less is taken out of our check and more is given back in taxes? This confuses me. I would rather have more in my check and a smaller income tax. I have one child.
[10:44am PST] @SaintOres.com
Hello ML, If you have dependents and you claim them on your W-4 in Step 3, then less taxes are taken out of your paycheck. As a result, you may have to pay taxes in April when you prepare your tax return; it mostly depends on your marital and financial situation.
What happens if you do not fill out any of the optional forms. I used to put a 2 in the old line H in the old format.
Hello Jason, You need to complete steps 1 and 5 only. If you do that your employer will use a standard deduction amount based on your tax filing status to determine the tax withholding.
Thank you so much. You made it so easy.
[5:18pm PST] @TaxesbyKatie.com
Thanks TP, You're welcome.
Thank you very helpful!
[9:52am PST] @SaintOres.com
Thanks Kyle, Glad it was helpful!
And the instructions are to send it to your employer - does that mean only payroll at your employer receives the information for additional deductions, and the IRS is not itself responsible?
[11:45 AM PST] @SaintOres.com
Hello Starless, You submit your W-4 to your employer, and they are responsible for withholding. The IRS itself is not responsible for withholdings and deductions. Employers are no longer required to routinely submit Forms W-4 to the IRS. In certain circumstances, the IRS may direct employers to submit copies of Forms W-4 for certain employees to ensure that the employees have adequate withholding.
I'm filling out mine for the first time. My question is, if i have two kids under the required age, would I put the same number for both ?
Hello Kevin, Sorry for delay, you comment went into the 'Held" folder.... Yes, you would put the same number for both of your kids under the required age on your W-4. The number of dependents you enter on your W-4 form is used to determine how much federal income tax should be withheld from your paycheck. Since your kids are both under the required age, they are both considered qualifying dependents. This means that you can claim them as dependents on your tax return, and you will also be able to enter the same number for both of them on your W-4 form.
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.
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.
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.
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.
Can you please provide a video for filling out a W-4P Form? And showing with 1 or 2 dependents as an example? Thank you
Hello Fire Gal, Here's a video with dependents that you are asking about. Just skip to the dependents section. Hope this helps. czcams.com/video/fpq8jSB5NpY/video.html
@@KatieStOresCFPChFCEA Hi! My request was for the W-4P form, not the W-4. Thx
[9:32am PST] @SaintOres.com
Hello Gal of Fire, Sorry, I misread your question. I will definitely put a W-4P form on the list of videos to do. There's no end of videos to do thanks to the IRS. Have a great weekend.
@@KatieStOresCFPChFCEA Good morning. Thank you for responding. The future W-4P video will help tremendously as tax time approaches. I file single with 2 dependents with a government monthly pension that is taxed, here in Florida. I look forward to the video when you have time to compose it and I’m sure other retirees will benefit from it as well. It’s very much appreciated. Thank you and God Bless.
Thank you so much. This was very helpful!
[12:35pm PST] @SaintOres.com
Thanks Molly, Glad it was helpful!
This was very helpful thank you
[1:27pm PST] @SaintOres.com
Thanks Christine, Glad it was helpful!
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.....
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. czcams.com/video/q9DMfsxpTIc/video.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
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.
What is this “deductions worksheet” I’ve been looking for it forever but it’s not so clear how you find it or where it is
[1:27 PM PST] @SaintOres.com
Hello Marian, The deductions worksheet (Step 4b) is on page 3, the bottom portion of the page. Here is the link www.irs.gov/pub/irs-pdf/fw4.pdf
My question is, will adding dependents and no other withholdings make it so that I will owe that money back when I file for taxes? I am so scared of adding dependents because of that
[8:52am PST] @SaintOres.com
Hi Cosmic, when you add dependents without any other withholdings, it's possible that you may owe money when filing taxes. This is because claiming dependents reduces the amount of tax that is taken out of your paycheck each month. If you find yourself owing money during tax season, it's because you didn't have enough tax withheld throughout the year.
my question is, how can you change from exempt to nonexempt on the new w4 form?
[12:05pm PST] @SaintOres.com
Hello Josephine, A Form W-4 exemption from withholding is valid for one calendar year only. To continue to be exempt from withholding in the next year, an employee must give you a new Form W-4 claiming exempt status by February 15 of that year. Otherwise, it reverts to nonexempt status.
What about single no kids once you get too line 4c and want bigger refund?
[10:35am PST] @SaintOres.com
Hello Fabian, You will need to use the multiple jobs worksheet or tax estimator (www.irs.gov/individuals/tax-withholding-estimator) to calculate the amount for 4(c). You can make adjustments and see how these adjustments in Step 4(c) affect your withholding and refund.
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.
Thank you for your video! I would very much appreciate if you could tell me if I’m single have no dependents and only have the bare minimum of taxes taken out from my pay check what do I need to put on my w4? Thank you!!!
[1:46pm PST] @SaintOres.com
Hey Daniel, You're welcome.
As for your question, you could just fill out 1 & 5, and revisit your W-4 after a couple of paychecks if you're not happy with the withholding. OR. You could try using the IRS withholding tax estimator instead (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. czcams.com/video/q9DMfsxpTIc/video.html OR Here's a direct link to the tax estimator www.irs.gov/individuals/tax-withholding-estimator
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.
Thank you!!!! This was super helpful
[10:04am PST] @SaintOres.com
Thanks N., Glad it was helpful!
Thank you so much
[10:34am PST] @SaintOres.com
Thanks Michael, You're most welcome.....