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Video instructions and help with filling out and completing irs withholding calculator 2021

Instructions and Help about irs withholding calculator 2021

Today I'm gonna talk about how to use the IRS withholdings calculator online with the paper version this is your first time enter channel or you haven't subscribed click on the subscribe button at the bottom my name is Travis sickles certified financial planner with sickle on are financial advisors if you're filling out the w-4 or your employer gave you a copy of the w-4 there's a good chance it looks like this and this is the paper version but the good news is you can use the online calculator to give you a more accurate snapshot or numbers when you're trying to fill out the w-4 correctly first I'm going to pull up the online version and go through a quick example and then I'm going to show you the exact numbers that I'll apply and where to put them onto the paper version this is gonna be the w-4 page on the IRS website if we scroll down you're gonna see a link right here IRS withholdings calculator click on it scroll down again withholdings calculator for this example we'll say that we're single no one else can claim I said as easy as a dependent so we'll click on now click continue for this example a viewer had asked if they had we're single with two kids so we'll put two dependents and right down here you'll see the selected number of qualifying children and we'll put two and we'll click continue let's say that we made or we're going to make $50,000 this year we're not gonna have any bonuses and we haven't paid anything in two or withholdings yet now if this is different for you go ahead look at some of our other videos to get a better understanding of what you can put right there this is something that you'll pull off of your existing pay stubs let's say that we get paid every two weeks from January to December means you're going to work the whole year click continue continue again ok so right in the middle here so we're all looking at here is for 2021 we're gonna pay roughly 300 $73 in taxes or that's what we're gonna owe and right here it says how many allowances for this example we have nine so we're gonna take that three hundred and seventy three dollars and those nine allowances that's going to give us the information that we need in fact all we need to pull on this is the nine allowances quite simply in line five the total number of allowances you're claiming on line five in this example is going to be nine allowances that's it then you're gonna put your name your last name your social security number your current address your filing status in this case it was single check the single box off and then you're gonna sign it date it and you're gonna give it to your employer it says it right there.

FAQ

I want to invest my IRS withholdings. How do I fill out a W-4 so my employer does not do federal withholding?
Legally you can’t. Those withholdings are not yours. They are payments towards your tax liability, made at the time that you earn the income. Pay as you go. It makes sense.So what you want to do is borrow money that isn’t really yours, interest free, invest it for a few months, and then pay it back the next year. Is that correct? While it’s not really permitted you can manage to get away with it. You can’t easily get away with stopping all withholding. That requires stating that you expect to pay zero taxes for the year, which you know is false. It looks suspicious and is easy for the feds to check. Instead, what you can do is reduce your withholding by claiming a large number of exemptions. That’s not nearly as suspicious. When you complete your return you’ll owe a lot of tax, which is clearly against the rules, but you’ll probably get away with it at least for a year or two and maybe longer depending on how lax the IRS is in enforcing the law on scamsters like yourself.I used to claim a large number of exemptions. It was legitimate since I actually had a lot of deductions at that time. But a couple of years I accidentally withheld too little money, more than a couple of thousand dollars. I paid the tax with my return and adjusted my withholding going forward and the IRS didn’t penalize me or question it afterwards. But if you’re talking about under withholding by a lot more than that and year after year then good luck. You might get caught, forced to pay a penalty and interest, and be flagged for special attention in the future.
What are the best sites to emy 2021 tax liability, other than the IRS Tax withholding Calculator?
Liberty Tax service offices hsve an online calculator to e2021 tax liability. It’s free….
How can I fill out an IRS form 8379?
Form 8379, the Injured Spouse declaration, is used to ensure that a spouse’s share of a refund from a joint tax return is not used by the IRS as an offset to pay a tax obligation of the other spouse.Before you file this, make sure that you know the difference between this and the Innocent Spouse declaration, Form 8857. You use Form 8379 when your spouse owes money for a legally enforeceable tax debt (such as a student loan which is in default) for which you are not jointly liable. You use Form 8857 when you want to be released from tax liability for an understatement of tax that resulted from actions taken by your spouse of which you had no knowledge, and had no reason to know.As the other answers have specified, you follow the Instructions for Form 8379 (11/2016) on the IRS Web site to actually fill it out.
If the IRS knows how much money we owe, why do we need to fill out returns?
Because the IRS doesn't know how much money you owe. They know approximately what you made, and they know a little bit about some of your deductions, but they don't know whether and to what extent you are entitled to additional deductions or credits, or whether and to what extent you earned money from transactions not reported to the IRS. Even on the transactions that were reported to the IRS, the IRS doesn't always know how much of that income is actually taxable - or at what rate.
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