In today's video we're gonna be talking about the w-4 and tax withholdings I'll be teaching you how you can dominate your taxes in 2023 and beyond now this is the first part in a series of videos I'm gonna make around this subject not I've literally spent hours diving into various IRS publications to be able to present the information I'm going to be showing you today I'm gonna talk about a few things right now on the whiteboard then we're gonna look at actual examples on screen to help you understand how your w-4 works and how it affects your tax withholdings versus how much tax you're gonna owe or not owe at the end of the year when it comes to your paycheck so that's what I want to talk to you guys about today now unfortunately this is if if there was one form if there was one area tax I wish our school system would cover this would be it this is such an important life skill I don't know if you guys know this but ninety roughly ninety percent of the people in the US who work make their living as employees and even those who are self-employed a high percentage of them pay themselves wages and have to fill out a w-4 as well and so we're gonna cover this step by step by step so that you can not only see it from the employees side but also from the employer side as well because I really feel that you have to understand how it works from the employer side to understand how your your the tax is being withheld from your paycheck and how they come up with that number of amount of tax being withheld from each and every paycheck...
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Irs w-4v printable Form: What You Should Know
If they give you a tax form from the IRS, do not show it to anyone, even your spouse, children, grandchild, parents, or siblings. If they call, you must answer the phone. They cannot leave a message, or you can receive a tax receipt. This is also true if they ask you to verify anything. You must file Form W-4V with the Internal Revenue Service. You cannot file this form individually with your payers. If you live in the United States or Puerto Rico you cannot withdraw money from a bank. If you live outside the United States or Puerto Rico you can withdraw money from a bank on the bank's account, but if your payer tells you it cannot withdraw the money, do not let them withdraw the funds. In most cases, the money will remain in the account. If your payer has a legal liability to pay taxes, and you believe this will harm your credit rating, you can send a separate letter to your payer requesting that the money be withheld. It's important to note that you can ask for the money to only be withheld from your payer if you don't want the money. If you live in Puerto Rico If you work in Puerto Rico and are getting social security payments, you can start withholding money in your bank account as soon as your employer starts withholding money. You can use your employer's Form W-4 or Form 941 to get the Form W-4V with Social Security data entered manually. This will allow you to start withholding the 10% tax that is taken out of social security benefits. If you are paying your child support payments that are not Social Security payments, you need a separate Form W-4V from the federal Income Tax and Trust Funds Reporting System (ITF SRS), that is maintained by the ITF SRS Bureau of the US Department of Commerce. If you work in another federal tax period The only way to withhold federal income taxes is to file a Form 1040, Form 1040A, or Form 1040EZ. You must have tax withholding information for all your federal taxes entered manually in your bank's account before the end of the year. Do not file for Form 1040, Form 1040A, or Form 1040EZ. Doing this will prevent your employer from withholding. You must file these forms. Form 1040, Form 1040A, and Form 1040EZ.
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