*W4*Let Me Help You to Help You in The Long Run * W4*

                                                   

                                                                     W4

                 
      Let’s help you to not owe taxes at the end of the year or to give you a little more back. If you are one of my customers and you owe after reading I’m going to be upset with you, seriously. This form does impact your taxes at the end of the year rather you want to believe it or not.
     SO WHAT IS A W4? A w4 is a form that your employer gives you when you first start working at your job and it’s the Employees Withholding Allowance Certificate, it tells your jobs payroll people how much federal withholding to tax or hold from your paychecks. Once that form is filled out it will present a SPECIAL number and that SPECIAL shows the number of allowance you have, and by that Special number, they determine your withholding.
     Hopefully, that part didn’t confuse you and your still here. Believe it or not, when I first started doing taxes I still didn’t know what to put for that special number. W4 form

    When going through the paper to figure out this once again a SPECIAL number, you have to count your dependents because that’s where you get your exemptions. That’s a deduction of $4,050 (as of 2016 taxes). An EXEMPTION is basically a reduction of the amount of income that is taxable. if you make XYZ for the year and your have 3 dependent’s they reduce the amount of XYZ. Last year that number was $4,000 it changes each year don’t quote me on this but I want to say by inflation.
    *if you can’t be claimed as a dependent by anyone else but yourself you then get one exemption for yourself. If you are married with 1 kid under the age of 19 then you get three, and so on.

TASHA WANTS YOU TO CHECK THIS OUT~  WHAT TO DO WITH IRS NOTICE

THE MORE ALLOWANCES YOU CLAIM, THE LESS TAX IS BEING TAKEN OUT OF YOUR PAYCHECK.{ YOU HAVE MORE PEOPLE TO FEED SO YOU NEED MORE MONEY OUT OF YOUR CHECK, IS HOW I EXPLAIN TO CUSTOMERS}
     –EACH ALLOWANCE REDUCE THE AMOUNT OF WITHHOLDING
      -NORMALLY YOUR ALLOWANCES ARE YOURSELF, DEPENDANT KIDS, AND YOUR SPOUSE
 
  The number you claim on your w4 doesn’t necessarily have to match the number you claim on your taxes.
Claiming less dependent’s on w4 means that you’re having more tax being withheld which can result in you being a happy person once you file your taxes because you are getting a bigger refund. Also look at it as you’re being the nice considerate person your parents raised you to be and you’re giving your wonderful government an interest-free loan.
If you had a lot taken out and didn’t get it all back lower your withholding. ITS YOUR MONEY AND YOU WANT IT NOW. Vice Versa if you claimed more allowances and didn’t have the means to do so your gonna owe them some taxes and you may be penalized.
       Below I’m going to break it down a little more for whoever I may have confused, or I need to better elaborate so the concept is well understood.

      These are my opinions this is what I would personally do, this is not me saying this is what anyone should do or this is the best thing to do. I AM ME AND YOU ARE YOU, AND THIS IS WHAT I WOULD DO.

ONLY ONE JOB
single one allowance

YOU HAVE A CHILD
add another allowance; for each child (got 4kids do single with 5 one for you and all your children)

SINGLE BUT WORKING TWO JOBS
-single zero; due to more money higher tax rate you need more taken out.

STUDENT NO KIDS, NO SPOUSE UNDER 24 AND PARENTS  CAN CLAIM YOU
-Single zero allowances

MARRIED AND YOU BOTH WORK- I would say whoever is getting paid more or actually have a higher AGI needs should claim.
     .Married and all the allowances (for higher AGI spouse)

      -Married zero allowances(lower paying job)

  

TASHA WANTS YOU TO CHECK THIS OUT~  IRS TO REJECT RETURNS WITH NO HEALTH

Another thing is you have a new baby or get married start another job I would suggest changing your w4.


Comments

  • kiara on

    great post! everybody should know this.

    reply

  • mayakkts on

    Very informative and useful one.

    reply

  • pallav34 on

    Simple post in a simple language.good work

    reply

  • manj maco on

    This is a very informative one. Good service

    reply

  • wamiqa sheno on

    Didn't know about these allowances clearly. Thanks for sharing

    reply

  • ananyakit on

    Good service. Neatly written

    reply

  • mehror maya on

    I thought this allowance categories were complicated. But reading your post, I found it much simpler to understand. Keep up this simplicity in language for social awareness posts. Great job.

    reply

  • ganga4u on

    I never knew, we would get this much allowances.i never paid attention to it earlier. Thanks alot for bringing it to my attention. Great work.

    reply

  • Abhirami on

    W4 details are all clearly included. Good job. Your works are appreciable.

    reply

  • Amritha Gangadharan on

    I can share this to my friends there. Excellent post. Much useful. Keep helping people through your blog.

    reply

Leave a Reply