ilmscore | How to fill out W4 SINGLE W-4

How to fill out W4 SINGLE W-4

Published: 2019-12-18
Status: Available | Analyzed

Predictions from this Video

Total: 5
Correct: 0
Incorrect: 0
Pending: 5
Unrated: 0
Prediction
Topic
Status
The speaker is providing guidance on filling out the 2020 W-4 form specifically for individuals who are single and have only one job, aiming to simplify the process.
"The most easiest scenario to fill out the w-4 is if you're single with one job so that's why I'm making this video aimed at that situation just to save you some time so you don't have to walk through those more complex situations"
Tax Withholding (W-4 Form)
Pending
Individuals with a qualifying child under 17 can claim a $2,000 tax credit per child.
"if you have a child that's under 17 then per child you get a $2,000 tax"
Tax Credits for Dependents
Pending
Earning taxable income without any taxes being withheld can lead to a tax deficiency or shortage, potentially resulting in a tax balance due.
"if you're going to have taxable income but no taxes are being withheld on that income then that's going to be a tax deficiency a tax shortage so that could cause you to have a tax balance due"
Tax Implications of Other Income
Pending
The standard deduction for 2020 is $12,400. Individuals who are not homeowners, do not have a mortgage, and do not have significant charitable contributions or medical expenses are likely to claim this standard deduction.
"if you're not a homeowner if you don't have a mortgage and you're not making a great amount of charitable contributions or you don't have large medical expenses then you're going to most likely be taking the standard deduction and you can just ignore this feel the step for B deductions because you're going to be claiming the standard deduction for $12,400"
Standard Deduction Amount
Pending
Homeowners with a mortgage are likely to itemize deductions, which may include mortgage interest, property taxes, and state income taxes, potentially exceeding the standard deduction.
"if you have a home and a mortgage you will most likely be filling out this section step four B deductions because you're most likely going to be itemizing your deductions you're most likely going to have a mortgage interest deduction you're most likely going to have property tax deductions and most states have state income taxes"
Itemized Deductions for Homeowners
Pending