Video instructions and help with filling out and completing Fill Form 8815 Reform

Instructions and Help about Fill Form 8815 Reform

- baby it's just two minutes you German attack step on starts now what's up YouTube hey guess what you're going to pay less taxes this year as an employee of a w-2 job congratulations that's right if you have a paycheck in 2018 going all the way to 2027 Trump's new tax reform is going to cause big savings in taxes when it comes to being an employee of a normal job which means at the end of the day this is great news for you so if you want to know what in Trump's tax reform affected your paycheck hang on we only have two minutes so let's dive right in okay so here are the basics the tax cuts and Jobs Act ie Trump's new tax reform change the tax bracket rates and the thresholds by bracket so while Trump campaigned saying he wanted to get the seven brackets down to four he wasn't able to accomplish that we still have seven brackets federally but he was able to change the rates by bracket and change the thresholds or the ranges of dollars by the bracket which basically means that noticeable changes will be very apparent in 2018 going forward because the income limits for all the tax brackets and all tax filers have been adjusted for inflation okay so what changed inside Trump's new tax reform when it comes to the federal tax brackets and the federal tax rates number one five of the seven tax rates have decreased so while the first bracket and the sixth bracket have remained the same the other five brackets have gone down which basically means as an employee you can expect to pay less taxes within those brackets that have decreased number two the range of dollars within the tax brackets have widened which basically means that as taxpayers we can make more money within a certain bracket before spilling over into the next tax bracket which causes more taxation okay so for the sake of time here's just a quick visual for the tax bracket for married filing jointly individuals you'll see here on the left-hand side you'll see the original 2017 rates and on the right-hand side you'll see the 2018 rates and you'll see that the very first bracket remained the same at 10% but then as you go up the next six brackets it went from 15 percent to 12 percent it went from 25 to 22 28 to 24 so on and so forth so the rates have gone lower for the six upper brackets now what does this mean for employees of normal jobs or individuals who have w-2 paychecks you need to give yourself a 2018 payroll or paycheck checkup so recently the IRS has released a new paycheck tax withholding calculator and a new form w-4 for you to complete for your employer to help taxpayers with reviewing their withholding allowances for 2018 going forward okay that's it thank you guys for watching if you're an employee of a company where you get a w-2 realise that this tax reform will save you money as a taxpayer and that you have to revisit your allowances inside your paycheck so be sure to click in the description below we will have a link for the IRS as new withholding tax calculator be sure to adjust your allowances in your paycheck and your Human Resources a new form w-4 for 2018 going forward and once again thank you guys for watching be sure to subscribe and we'll see you guys at the next video wow that was the best two minutes of your life hey thanks for watching hopefully we were able to answer all your questions with our two minute tip be sure to subscribe by clicking the button below and check out this video over here for our latest release and that playlist down there for our best playlist and we'll see you guys at the next video Music