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

Instructions and Help about Fill Form 8815 Withholding

Today I'm going to talk about the IRS Form w-4 2018 version online married filing jointly now there's your first time out of channel or you haven't subscribed click on the subscribe button at the bottom my name is Travis sickles certified financial planner we're still on are financial advisors now today we're gonna talk about married filing jointly which has to do a lot with how do you split the allowances now we're gonna do the online version but it's really easy to take that answer and put it right on the paper version to give to your employer so go through the online version it's a lot easier I'll show you how to transfer it at the end so you can give it to your employer and be done with it now again there's two ways really to file married filing jointly and that's whether or not you have one job or two jobs so that's really the big question that we're getting with married filing jointly so let's jump on to it and see what we have so if you go to the website it's a PBS dot RS dot gov and you're gonna see the w-4 app there I will try to put a link at the bottom now again the question here that we're having is how do you split those allowances but the online version is gonna do that for us if you want more information on how to fill out and how to split those allowances check out the link in the top I'll put it right up there to our video on how to split those allowances I'll also touch on a little bit today so you can see what it looks like so the first screen you're gonna get married filing jointly let's go ahead and check that off no one else can claim you as a dependent so check no click continue now here's where you're gonna get the big change or the amount of jobs that you have so the first question it's going to ask this select a total number of jobs in which you and your spouse are currently or will be employed so again if you have a job and your spouse has a job that's a few jobs put two and on the next screen if we put two it's gonna ask us to fill out for two jobs which is pretty straightforward so if you have that check it off these next check box that you're looking at check them off if they apply to you it's gonna make the adjustment automatically gonna ask you the right questions so whether or not you had a job and you no longer have a job you have a 401k or another retirement plan that's very very important so if you're saving into your 401k check that second box off also if you have a cafeteria plan or health insurance check that third box off and we're gonna go ahead and jump all the way down we're not going to fill out any other dependents this is only if you're married filing jointly you have two jobs that's all we're gonna look at click continue all right here's the difference if you have two jobs it's gonna show you two columns if you have one job it's going to show you one column that's the only difference it's really straight forward so let's just assume for a minute that we have a job with $50,000 of course go ahead and put whatever the earnings of each spouse is and the other one let's say makes thirty thousand the next section right here you'll see it says enter any bonuses you expect to receive if you're not expecting it or you don't know and you put 0 then you can go to the third box now this information on the third and the fourth boxes these next two you're going to need your pay stub so your your your boss your employer HR director somebody's gonna be able to give you your pay stub that's gonna show you your year-to-date withholdings because the way the calculator works it needs to know not only how much you earn but how much you've already withheld so that means we can withhold the correct amount moving forward now again it's on your pay stub it should show you the year-to-date numbers get as accurate as possible because you want those withholdings to really be as low as possible so you're paying the least amount in taxes so let's say we have it withheld nothing we're going to put zero now the next section is how often do you get paid weekly bi-weekly or twice a month now if you're getting paid twice a month that's going to be twenty four times a year versus twenty six slight difference but again the more accurate sure you are with the calculator the more accurate your withholdings will be let's put twice a month that's twenty four times a year and then the next two put when you started this job if you've worked it all year and you've worked it last year then just put January first but otherwise change that because again it's gonna assume how often are you getting paid when did you start getting paid this is going to calculate it correctly click continue now for this example we're gonna assume that you're taking the standard deduction because in 2018 they're a lot higher than they were in the past so for married filing jointly it's gonna be twenty four thousand if you're a single it's gonna be twenty four it's gonna be excuse me it's gonna be twelve thousand per person so that's where you're getting that twelve thousand going to twenty four thousand that's how they're calculating it now if you had one job in your married filing jointly it's still going to be twenty four thousand