Get the free form w 4v

All right I'm Corrie Jordan and I'm going to show you the power of the w-4 and why and how you are supposed to change this form and why is it gonna save you so much money and put so much money back in your pocket if you do the things that the government tell you to do and we'll show you exactly how to do that so we have a single one income person we'll use a female for this example she makes $48,000 per year she has two children after-school care that cost her $4,800 a year so the purpose of this form it says complete form w-4 so that your employer can withhold the correct federal income tax from your pay consider completing a new form w-4 each year and when your personal financial situation changes so if you got married yes personal situation changed or if you got had kids that will change it again so you would need to fill this form out again and change some things around and if your financial situation changes so if you make less that could possibly have you to change it or if you can make if you make more you would have to change this form because it states some certain income levels to where you might have to do that but we'll dive right in down here and it you can notice as it says personal allowance worksheet keep for your records all right a enter one for yourself if no one else can claim you as a dependent so we put one because no one can claim her as a dependent be in a one if you are single and have only one job so I'll stop right there because we know she's single and she only has one job so put a 1 and B C enter one for your spouse but you may choose to enter 0 she don't have a spouse so no need to read any further on C so enter 0 D enter the number of dependents other unit other than your spouse for yourself you will claim on your tax return so she has two kids so you'll put two there because she'll be claiming those as dependents e into one if you will file as a head of household on your tax return C conditions on a head of household above so we'll go above generally you can claim head of household filing status on your tax return only if you are unmarried and pay more than 50% of the cost of keeping up at home for yourself or your dependents or other qualified individuals and it says C publication 501 so any other qualified individuals could be your disabled mother or your disabled mother-in-law father-in-law whatever so that will qualify you for death all right F enter 1 if you have at least $2,000 of child or dependent care expenses for which you will plan to claim a credit note do not include child support payments C publication 503 child and dependent care expenses for detail all right so so she has 48 hundred dollars per year up here is what she pays in daycare a year so we will go ahead and put one for F G child tax credit including additional child tax credit C publication 972 child tax credit for more information if your total income will be less than seventy thousand one hundred thousand of Mary in a - for each eligible...