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Video instructions and help with filling out and completing Form W-4 2021 Printable

Instructions and Help about Form W-4 2021 Printable

Hello this is Tasha Nicole Hodge self-employment tax specialist business consultant and entrepreneur educator owner of Hodge connections LLC servicing clients all throughout the United States if you'd like to visit my website that's har d GE connections com okay so in today's video I'm going to be showing you how to complete the form w-4 I have been getting questions about it because it has changed and then we also have you know the younger generation entering the workforce and trying to become familiar with these forms so if you already familiar with some of the terminology that I'm going to use just please forgive but I just want to cover all bases to the best of my ability so that everyone watching this video can fully understand so what form w-4 is it a form that your employer gives you to fill out so that they can know how much taxes to withhold for your allowances or exemptions those words are interchangeable okay and as an example if you support yourself you would you don't have them taken out for one allowance if you support you and your two children then it would be three and so forth okay now I'm gonna go section by section but that that's the gist of what form you know w-4 is okay now I'm going to skip around and just show because I want to show this worksheet for somebody years this worksheet has really confused a lot of people I usually tell people kind of bypass this because if you don't really understand each line and what each line item means it can begin to get really complicated so you're kind of you know okay we're just not filling it out because this is really the only part that matters this is the only part that lets your employer know how much taxes to withhold okay for your situation so now I'm going to go line by line and show you okay here obviously for the most part some here is a self-explanatory your first name and middle initial goes here this ox is your last name in this box is your social security number here is your home address your city town the city or town your state your zip code okay now here's what you do need to be mindful of which status you're changing because this form used to have other boxes but they've updated it for 2021 and that's due to our filing statuses are gonna change when we file taxes next year but I don't want to complicate this video so I'm just you know explaining why this won't change so the options are going to be single married or married but you want to be taxed at the highest single rate which I will explain okay so married people get taxed at a lower rate versus a single person but there are some situations where a taxpayer would prefer to be charged at the higher rate which is the single rate so then you check this box and for whatever purposes some people would rather that because it kind of helps them feel a little bit more confident that they're not gonna go any additional tax when it is time to file so some people ...