Tax
Tax Withholding
Topic
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Recent Predictions
Incorrect: 0
Pending: 13
Unrated: 0
Prediction
Author
Predicted at
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Video
Individuals who are single with one job, or married with one employed spouse, can skip certain W-4 form sections.
"If you are single and have only one job, then you can go to the next point in this video. If you are..."
Jan 12, 2020
Pending
Individuals with multiple jobs, or married couples with both spouses working, need to pay attention to specific W-4 form sections.
"If you work for more than one employer or have more than one job at the same time, or if you are mar..."
Jan 12, 2020
Pending
Married individuals working and earning similar incomes should select option C on the W-4 form.
"If you are married and both of you work and have approximately the same income, then you can proceed..."
Jan 12, 2020
Pending
Individuals with multiple jobs, or married couples with both working, may need to withhold an additional amount of tax beyond the standard W-4 options.
"If you are single and have more than one job, or are married and both If you are employed, you need ..."
Jan 12, 2020
Pending
A combined income of $90,000 and $25,000 results in an additional $5,090 to be withheld.
"So, we'll see that the person who earns $90,000 is here, and the person who earns $25,000 is here. T..."
Jan 12, 2020
Pending
Failure to adjust withholding for combined incomes totaling $115,000 ($90,000 + $25,000) could lead to owing $5,090 at tax time due to insufficient deductions.
"This means that combining both incomes, you should withhold an additional $5,090 on top of what this..."
Jan 12, 2020
Pending
A person earning $20,000-$29,000 with a second job earning $10,000-$15,000 should withhold an additional $1,610.
"For example, this person earns between $20,000 and $29,000. One thousand dollars. If you have an add..."
Jan 12, 2020
Pending
When paid twice a month (24 pay periods), an additional $212.08 should be withheld per paycheck based on prior calculations.
"We're going to divide the number we previously calculated in the table by 24, and that gives us a re..."
Jan 12, 2020
Pending
Taxpayers can have their payroll system withhold $4,500 less in taxes annually if they have qualifying tax credits.
"This means that your payroll system will withhold four thousand five hundred dollars less in taxes f..."
Jan 12, 2020
Pending
Income from sources like interest or investments should be reported to potentially adjust tax withholding.
"If you have income from sources outside your job, such as interest income or investment income, you ..."
Jan 12, 2020
Pending
For married couples, only the higher-earning spouse should complete steps 2, 3, and 4 of the W-4 to avoid duplicate calculations.
"The last thing I want to mention is that if you're married, only the higher-earning spouse needs to ..."
Jan 12, 2020
Pending
Underwithholding taxes can lead to a tax balance and potential penalties during tax return filing.
"you do not want to be under withholding your taxes because if you do then you're gonna find out that..."
Dec 17, 2019
Pending
Overwithholding taxes results in an interest-free loan to the government; it's preferable to have the money in hand throughout the year rather than receiving it as a refund.
"on the flip side you do not want to be wildly over paying your taxes you don't want to be paying too..."
Dec 17, 2019
Pending