IRS Form W-4: Adjusting Your Tax Withholding

by | Jan 17, 2024 | Spousal IRA | 37 comments

IRS Form W-4: Adjusting Your Tax Withholding




IRS Form W4 Explained. In this video, I’m talking about the IRS form W4 and how to control your tax withholdings. I’m explaining how to W4 works and how to adjust it for credits or deductions. You can choose to get a bigger paycheck or a bigger tax refund.
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IRS Form W-4: Understanding Tax Adjustments

As the end of the year approaches, many individuals are starting to think about their taxes and how they can make the most of their tax return. One way to ensure that you are paying the right amount of taxes throughout the year is to fill out IRS Form W-4, also known as the Employee’s Withholding Certificate. This form allows you to adjust the amount of federal income tax that is withheld from your paycheck.

The IRS Form W-4 is used by both employees and employers to determine the amount of tax to withhold from an employee’s paycheck. The form takes into account various factors such as your marital status, number of dependents, and other tax deductions and credits. By accurately filling out this form, you can ensure that you are not paying too much or too little in taxes throughout the year.

One of the key components of the IRS Form W-4 is the number of allowances that you claim. The more allowances you claim, the less tax will be withheld from your paycheck. This can result in more money in your pocket each payday, but it could also mean owing money to the IRS at the end of the year. On the other hand, if you claim fewer allowances, more tax will be withheld, but you might receive a larger tax refund.

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It’s important to adjust your W-4 whenever your personal or financial situation changes. For example, if you get married, have a child, or purchase a home, you may want to update your W-4 to reflect these changes. By doing so, you can ensure that the correct amount of tax is being withheld from your paycheck.

The IRS provides a helpful withholding calculator on their website to assist individuals in determining the appropriate number of allowances to claim. This calculator takes into account your income, deductions, and credits to give you an accurate picture of your tax liability.

In summary, IRS Form W-4 is a valuable tool for ensuring that your federal income tax withholding is accurate. By adjusting your W-4, you can take control of your tax situation and avoid any surprises come tax time. If you need assistance with filling out the form or understanding the implications of your choices, it’s always a good idea to consult with a tax professional.

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37 Comments

  1. @mechellestudio5430

    So I want more of a paycheck, so just increase dependents and be on my way right? Ok gotcha

  2. @headlibrarian1996

    Does the “new” W4 force minimum withholding or can you fill it out to get any net paycheck you want? As an S-corporation owner some things are most conveniently handled in payroll, which may require reducing withholding by large amounts to get the result I want. Any shortfalls can be offset in quarterly estimated tax payments. Personally, I like paying just enough ET so that, when added to amounts withheld in payroll, I meet the 110% safe harbor and can pay the remainder owed, if any, by the mid-April deadline.

  3. @ChristianMoran-id5vx

    Okay so I make my base salary 43k a year and my commission is 23000 for the year so if I say that I make 66000 a year and I use the irs estimator and they tell me what my tax obligation is and they generate my new w4 form and they put 7,212 is my tax obligation. Awesome I get more in my paycheck but what happens if I make more money in the year will I end up owing money?

  4. @sebva7189

    Is this the same as the W4 -T form??

  5. @TD-hn8jj

    Why is this so complicated now
    We used to just change exemptions?
    I work 15 – 20 hours overtime and is literally as if I just worked all that extra time for the government. The eay iam seeing it is there's absolutely no point in working overtime now.
    How can I change this problem??

  6. @vanessagarza5489

    I was told by irs that is was recommended to do a withholding on 4c for my w4 form of this year, but nobody knows how much im supposed to put in 4c?? I have 3 jobs. The first one was 21k the 2nd about 9k and third one 4K how much would i need to put in? I have a 18 yr son who is still in high school can i still claim her?

  7. @davidmarsh3513

    Just needed to know – i generally claim 9 dependents. How do I do that on the new w4 ?

  8. @societyofroodest.590ad9

    Doing your taxes should not be this complex, inn any way or form. The government already has every detail on you and your money, unless your an all-out criminal hiding money. For everyone else, it should be much, much easier and most of all … direct. Far too much trickery.

  9. @bigmeus698

    Taxes are robbery!

  10. @pops2990

    Mr. Travis, great videos! I paid for your W-4 service in the link provided in your description but disappointed with James Baskey who does not answer my emails. A simple “I got your email, will respond after” will do but not even that. I don’t think your team took in account my full details of your form that must be filled out online. If you can ask your team to re-do my W-4’s according to the info I sent. I’ve messaged you in different places so hopefully you respond in one of them soon. Or else going to believe you not legit. Thank you.

  11. @RedBaron63650

    On my paystub under Taxes it's pretty clear, 1) Social Security 2) Medicare, 3) Fed Income Tax. and that would be FICA and the amount I plug in the online W4… on my wife's pay stub… more complicated.. under "Taxes" it has 1) FED W/H 2) FICA EE 3) FED MWT EE … what's that ? is FICA number 2 ? what are the other ones?

  12. @mikem2022

    What if I have overtime on some weeks?

  13. @Raushimusic

    wow. That was super helpful! Thank you!!

  14. @jenniferhabermehl8604

    Single no kids.
    I need to know how to get the bigger check BUT I DO NOT WANT TO OWE BECAUSE ENOUGH WASNT TAKEN OUT!
    so what's the correct way on these lines put 1on 3 and a$amount on 4c?
    Thank you

  15. @thomashealy5990

    I have absolutely nothing to claim
    No dependents no adjustments no withholdings I’m a single 22 year old guy that works on a farm renting at my friends house.

    The estimator said my refund is $757 even though I am trying to get 100% (as close to as possible) of my income in my paycheck

    Why if I withhold nothing, and claim nothing, would I be receiving that money at the end of the year instead of during the year.

    I’ve been paid in cash till now just barely getting by and now that I’m being taxed that 757 that i don’t get now is going to fuck me over.
    My pay is not getting raised in going to have to quit and find a new cash job just to survive on the bare minimum.

  16. @tracyalcide8152

    I’m still lost :-(, I want a bigger pay check , I want to reduce my taxes coming out every check

  17. @iwantcheesypuffs

    If you're getting a big refund, 5K, 10K+, then you're doing something terribly wrong (IMO)
    Better to have a very high Credit on W4 to 80-90% of your tax obligation — then invest in short term CDs or other similar short return solid investments. This is not the time to go to Las Vegas and try to double down your increased paycheck.

  18. @kyra9430

    good grief…. this video seems great… but I have NO idea what my income is going to be. ugh.

  19. @cfsmound3524

    Can a person fill this out in a way to get the biggest paychecks and then owe money at tax time legally?

  20. @lampmanjosh

    Travis,

    Can you do a W4 example video for a bonus check? Last year my bonus got crushed with taxes.

  21. @godfox675

    Except the real child tax credit isn't $2000. Its $3000-$3600 per child. So it's still wrong

  22. @richdars9041

    Y'all young kids would have a severe panic attack if you had to do taxes using only books you had to get from the local library or some place during tax season. And wait months for a paper check lol Pre internet days.

  23. @judyballeza9948

    I have been doing uber and papa pal since the first of the year. Now I am getting a job with a W-4 Form and I am lost in what I do.

  24. @DAGGETT062891

    Really good video my friend, thank you!

  25. @mamat792

    Bingo! Thanks for pointing out the W-4 link that fills out the form for you. I was at a loss after filling out the online info until your video.

  26. @DRCmusic

    Can you do a video specifically on how to fill out the W-4 to get the entire $7,500 EV Tax Credit for next filing year? Just one example walkthrough with married filing jointly with 2 incomes ($100,000 and $20,000 income) would be great!

    Would definitely help me figure out how to adjust my W-4 to accurately take advantage of the full EV Tax credit. Thank you!

  27. @christinalaughlin5545

    Ummm anybody have this go over their head? can you do an example for 50k?

  28. @prv3110

    What should I do if I want to increase federal withholding tax, married filing joint? I think something is wrong because my W-2 showed that there's only $17.25 federal tax withheld for the entire year of 2022. We ended up paying. So what should I do going forward?

  29. @itmall8325

    Can you change Exempt after you already complete the W4? Example: after a quarter..

    Lastly, I claim dependents bi-annually, so 2023 I will not be. Should I file EXEMPT this year, making 100k. and pay taxes quarterly to not owe as much. Please advise

  30. @harshpatel7553

    Thanks for the great video! On the calculator on the IRS website, the number recommended is to get $0 refund. What if I wanted to make it so I get to the point of owing the government above a certain amount (for example 7500 that I'm trying to get to for EV federal tax credit)? My understanding is that I have to have over 7500 owing to the government to actually get that credit, is this correct? Thanks again!

  31. @sdlager22

    Thanks for the video! Question, for the EV tax credit, do add 7500 into the “claim dependents” box or divide that number by number or paychecks per year?

  32. @SanDiegoOfficial

    So if I'm not anticipating getting any refund from my tax year, I should adjust this so I owe 7500 to be able to receive the text credit for 2024?

  33. @c0dych1ef

    03:05 Where did you get 10,275 from?

  34. @alexlee2995

    Thanks. For those that are anticpating a $7,500 EV Tax Credit in 2024 for purchasing an EV in 2023, how would I adjust my W4 to get this $7,500 up front this year? Just add $7500 + $2000 (i have one kid) on line 3?

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