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| Name | How to Use the IRS Withholding Tax Estimator for Form W-4 |
| Video Uploader | Video From Jason D. Knott |
| Upload Date | This Video Uploaded At 16-05-2022 17:18:49 |
| Video Discription | The IRS withholding tax estimator is for taxpayers that are employees and have an employer that will withhold federal income tax from their paychecks on a regular basis. In this example, we cover the following fact pattern: 1. Single filing taxpayer (not married) who is 25 years old. 2. No qualifying children or other dependents. 3. Works one job with a salary of $48,000 per year and no other income. 4. Claims the standard deduction (rather than the itemized tax deduction). 5. No federal tax credits or other adjustments to income. IRS Form W-4 is an employee withholding certificate that helps the employer calculate how much federal withholding taxes, if any, should be taken out of an employee's paychecks. The amount of federal withholding tax (Box 2 of the W-2) is eventually claimed on the employee's Form 1040 tax return. If the amount of tax withheld exceeds the taxpayer's income tax liability at year-end, the taxpayer will generally receive a federal tax refund. The withholding estimator provides a Q&A approach to more accurately gauge how to complete your Form W-4. For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #IRS #WithholdingTax #FormW4 |
| Category | Education |
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