FAQ

For the new 2018 W-4 form, do I also print out the separate A-H worksheet and fill that out for my employer?
No, an employee is not required to give the separate worksheet to the employer. Keep it for your own records.
What accounts for under-withholding of taxes in 2018? Is it an issue with incorrect IRS withholding tables or my employer is not updating withholding to account for the changes? Is this something I should have known to do myself?
If you have one and only one job. Also, your returns are for YOU alone with that one and only one job. It is very likely you will owe nothing or even get a bit of a refund. The problem comes if you have more then one job, or if you are married filing jointly. The taxes owed are based on total combined income at the appropriate rates, after accounting for standard or itemized deductions.For a person who is married filing jointly the tax brackets are from 0 - 19050 10%, from 19051 - 77400 12%, from 77401 - 165,000 , 22%. Now this is for AGI. Let’s put away the standard deduction for a moment to make the math easy. If you have a family, bringing in 100K, which is all earned by a single earner, then they will tax at 100K, taking into account the first almost 20K is 10%, then next 57K is 12%, and the remaining almost 23K is at 22%. to come out with your taxes due. However, let’s assume it is two income household both making the same amount. Or 50K each. So the taxes will look like the first 20K will be at 10% and the rest at 12%. Or roughly an 11% rate. (again excluding the standard deduction).So for the first scenario, all works out well, it’s also why with withholdings, they generally take out more than is needed for that scenario partially to offset the second scenario. The wise move is to either declare less dependents or have additional taxes taken out from one or both the earners.As to the one and only one job. I also serve as a board member and am paid 1000 a year for this “job”, although I consider it more a volunteer activity. The taxes they take out would be virtually nothing for federal taxes, but when you add to my other income, it being my “last dollars”, should be taxed at 25%. Since I tend to owe a bit each year, I have $400 taken from that 1000 check in December, to bring my total tax bill closer in line.
How many number of allowances to claim on New York Withholding IT-2104? I'm a Single, New Jersey resident, one paying job.
You can CLAIM as many as you’d like on your IT-2104. This form only determines how much be withheld to pay your tax liability when you file your taxes. However, you can only claim yourself (1) as a dependent when you file your tax return in NJ. NYS does not allow for a dependent exemption for yourself or your spouse.
How do I fill out a W-4 form?
The main thing you need to put on your W-4 besides your name, address and social security number is whether you are married or single and the number of exemptions you wish to take to lower the amount of money with held for taxes from your paycheck. The number of exemptions refers to how many people you support, i. e. children. Say you are single and have 3 children, you can put down 4 exemptions, 1 for your self and 1 for each child. This means you will have more pay to take home because you aren’t having it with held from your paycheck. If you are single and have no children, you can either take 1 or 0 exemptions. If you make decent money, take 0 deductions, if you are barely making it you could probably take 1 exemption. Just realize that if you take exemptions, and not enough money is taken out of your check to pay your taxes, you will be liable for it come April 15th.If you are married and have no children and you make decent money, take 0 deductions. If you have children, only one spouse should take them as exemptions and it should be the one who makes the most money. For example, say your spouse is the major bread winner and you have 2 children, your spouse could take 4 exemptions (one for each member of the family) and then you would take 0 exemptions.Usually, it’s best to err on the side of caution and take the smaller amount of deductions so that you won’t owe a lot of money come tax time. If you’ve had too much with held it will come back to you as a refund.
Why did my employer give me a W-9 Form to fill out instead of a W-4 Form?
I wrote about the independent-contractor-vs-employee issue last year, see http://nctaxpro.wordpress.com/20...Broadly speaking, you are an employee when someone else - AKA the employer - has control over when and where you work and the processes by which you perform the work that you do for that individual. A DJ or bartender under some circumstances, I suppose, might qualify as an independent contractor at a restaurant, but the waitstaff, bus help, hosts, kitchen aides, etc. almost certainly would not.There's always risk in confronting an employer when faced with a situation like yours - my experience is that most employers know full well that they are violating the law when they treat employees as independent contractors, and for that reason they don't tolerate questions about that policy very well - so you definitely should tread cautiously if you want to keep this position. Nonetheless, I think you owe it to yourself to ask whether or not the restaurant intends to withhold federal taxes from your checks - if for no other reason than you don't want to get caught short when it comes to filing your own return, even if you don't intend to challenge the policy.
How should I fill out my w-2 or w-4 form?
To calculate how much you should withhold you need to calculate two things.  Step 1 - Estimate your TaxFirst go to Intuit's TaxCaster (Link - TurboTax® TaxCaster, Free Tax Calculator, Free Tax Refund Estimator) and put in your family's information and income (estimate what you'll make in 2016 before taxes and put zero for federal and state taxes withheld, don't worry that the TaxCaster is for 2015, you're just trying to get a general number).  Once you enter in your correct information it will tell you what you would owe to the federal government.Step 2 - Estimate your Tax Withholding Based on Allowances ClaimedSecond go to Paycheck City (Link - Salary Paycheck Calculator | Payroll Calculator | Paycheck City) select the correct state, enter in your pay information.  Select married filing jointly then try putting in 3 or 4 for withholdings.  Once you calculate it will tell you how much taxes are being withheld.  Set the pay frequency to annual instead of bi-monthly or bi-weekly since you need a total number for the year.  Try changing the Federal withholding allowance until you have enough Federal taxes withheld to cover the amount calculated in the TaxCaster.  The Federal withholding allowance number that covers all taxes owed should be the number claimed on your W-4.Don't worry too much about your state.  If you claim the same as Federal what will usually happen is you might get a small refund for Federal and owe a small amount for State.  I usually end up getting a Federal refund for ~$100 and owing state for just over $100.  In the end I net owing state $20-40.Remember, the more details you can put into the TaxCaster and Paycheck City the more accurate your tax estimate will be. 
How much do accountants charge for helping you fill out a W-4 form?
A W-4 is a very simple form to instruct your employer to withhold the proper tax. It's written in very plain English and is fairly easy to follow. I honestly do not know of a CPA that will do one of these. If you're having trouble and cannot find a tutorial you like on line see if you can schedule a probing meeting. It should take an accounting student about 10 minutes to walk you through. There is even a worksheet on the back.If you have mitigating factors such as complex investments, partnership income, lies or garnishments, talk to your CPA about those, and then ask their advice regarding the W4 in the context of those issues.
When do I have to fill out forms for the CPT, June 2018?
Usually, ICAI announces for CPT exam form during April (for June attempt)Accordingly, for June 2018 attempt, ICAI will come out with exam form on april month and you have around 20–25days to submit it.Wait for the preceding attempts result i.e. Dec. 2017 which will be announce on Mid. January 2018, and in around April 2018, Exam Form windows may be open for exam form.(PS - by Form, you would meant to be Exam form for the attempt)Hope, it helps.Thanks.
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