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Video instructions and help with filling out and completing w-4p 2019 - 2020

Instructions and Help about w-4p 2019 - 2020

What's up guys my name is Jason Safa I work with accurate financial services we're a tax and real estate firm located in Sierra Madre California and I just wanted to make a quick video on the w-4 form a lot of you will get this form when you start employment new employment or maybe the payroll just comes to you and just makes you fill out a new form and a lot of people come to our office very confused as to what this is and how to do it and you know there's a lot of forms there a lot of calculations and it looks confusing so first let me just show you that you could pull this up on google just type in w-4 and it'll pop up there's a new one for 2018 and you can see that it has four pages but you really don't need all of this information here I don't know why they said they you know put all this calculations and all this stuff making it look really confusing you only need this this portion right here um it's you know it's fairly easy so first thing you need to do is just put your name in there type in your social type in your address and and the next box here it's box 3 it's as if you're single married and then box 5 total number of allowances basically the dependents so a lot of people think that you need to match it to what you are if you are single you must put single you must put 1 if you have one child but that's not the case this basically is a tool to help payroll determine how much federal withholding to take from your paycheck so basically if you put single zero the IRS or payroll your payroll processor will take a lot more of your federal withholding and send it to the IRS in advance so your paycheck will be smaller this way now if you put married with let's say five oops go back here if you put five 50 kids it's a lot if you put five dependents or allowances your paycheck will be actually larger so your net check will be larger so what the your payroll is gonna do is uh let me fix this no your paycheck is going to be they're gonna take a little bit less out of your check so it's basically to help you you know you're married and you have five kids it's supposed to help you there so that you don't have you know to pay all your expenses and all that so it's it's really nothing more than that it's it's just the tool to help you figure out how much withholding to take so you could be single and put married with five kids if you have zero kids does not matter you do not need to do all this this is all