yo yo yo what's good with everybody do you know who this is
if you don't I am CPA strength so who cares Alison I care about it and I care
that I'm the strongest licensed CPA in the state of Florida you know what it is
if you haven't been binge-watching this is your first time standing my videos
check my playlist over here it's the best pilots in the world it happens to
be an accounting playlist and it will make all your dreams come true what are
we going to do in this video and we're video is this this is number
464 car 54 where are you I'm right here I'm ready to watch the
six series classics until over the classics man classic series car 54
number 54 was that cinco cinco e-trial squat row cinco y cuatro Sinko NZ cuatro
and anyway it's 54 is going to be income tax refunds that's what I had to
clickbait you with a little bit to get you in here we are going to talk about
refunds but we're mainly going to talk more about what comprised of your refund
I'll listen before you click off whatever this is about a refund this is
about real-life shippers this is accounting for beginners and then CEO
you're going to talk about tax returns though well yeah because you always say
like oh well tax is different than accounting so if you never talk about
tax at all how would you know what it differs in so this is just a good
demonstration right here of how of how this is taxed and how I usually do
accounting in that debits and credits and this this doesn't this is only
debits and credits for the most part taxes it's basically how much income you
have minus deductions times the tax rate that's what you owe and then it's if
you've given if you front of the government all your via federal
withholdings so let me just get into my board right now but pay attention
because it still give you your money back and this is really upset and feel
like I feel like I don't care if you're like I don't care look at your w-2 do
you have any do you have federal holdings
taking out of your w-2 or better yet look at your pay stub that you're like
alright hey turn that on Kate okay so you know it does boggle my mind that
people are about you know about my money I've got my money I've got my money you
know then you don't even want to know where your money goes like you work 400
you work for 40 hours a week for $10 an hour so it's $400 but then
you get a paycheck for 325 and you don't even care where the other 75 is go just
go Ella taxes like care essentially if you have your paycheck if you're on your
paycheck you have federal withholding taking out the perkupp pay attention
because you have the opportunity to get those back in a refund so and most most
probably if if you have a job and they're having federal Holdings taking
taken out the most property is a good good chance that you're going to get a
refund so this would this would behoove you to do certainly this is about income
tax refund a couple couple disclosures that this scenario is where in this
scenario you need to refined of one thousand five hundred and forty dollars
this scenario where we been going where you had someone work four hundred he got
four hundred dollars a week gross times fifty to the year since twenty thousand
eight hundred dollars gross he made that year at his one that's his only source
of income with that job there's fifty dollars that left the person's paycheck
every week for a whole year so twenty-six hundred dollars in federal
withholdings if you have any amount of federal withholdings on your your your W
your pate your paychecks throughout the year then just pay attention this
because this is real money and when you have something simple simple like a w-2
job and a couple million you're single you don't have any dependents you do not
own a home simple taxpayer you know one one or two
W two jobs you know simple really that there's there's really no like oh my
County a good job or my count didn't do a good
it kind of is cut and drive what your tax returns going to be so you can learn
how to do is I'm going to teach you in like five minutes how your tax repair a
tax return would be derived so this is where I want you to hone in especially
you're like you're like yo I got federal withholdings when telling my paycheck
every week ah what do I let me just show you what would happen here this is this
is yo if you have federal Holdings and you want to know what's going to go on
look let's go let's get into this so basically you have twenty thousand
dollars eight hundred twenty thousand eight hundred dollars of income right
now you have twenty six hundred dollars of federal holdings sad withholding and
I know that see th strength mr. Dorn over there J dizzle errs said if I have
some of those the possibility to get back so my ears are perked up I'm
listening so here we're going to do a personal personal tax return 1040 now
personal tax return 1040 is two pages long the first page yeah if you or your
adjusted gross income so basically the first page will get you your income and
then the second page is your your deduction your deductions your taxable
income this has the taxi whoa everything else is going to be the second page
that's kind of irrelevant now a little side note real fast I been a paid
preparer for six tax seasons in whatever a couple months with a couple blinks of
an eye I'll be doing my seventh tax season my first tax season was 11 a
vital program so I was on paid tax repair but I did tax returns for people
a vital program Volunteer Income Tax Assistance Program 2012 taxis and
Network H star blocks did a lot of tax returns
taxi or 13 texture for to our four privates EPA from taxi or fifteen taxi
or sixteen I work for my own firm here at Dorn CPA LLC and it's been growing
and going smashingly and we are looking ahead to our third season a few months
so I've done a few tax returns and this is how I in about four or five minutes
this is how I would talk about a tax return this is what I think you would
need to know so here it is now wake up we're going to wake up put on a little
makeup and I want to but this is why the jury comes twenty eight twenty thousand
hair dollars you have a standard deduction everybody has a standard
option or your itemized deduction not going into that we're going to assume
you're single you're no dependency do not own a home so you can have a
standard option at 5200 everybody gets a personal exemption all your depend
depend interdependency tell yourself so you've got another a personal exemption
of four thousand dollars so you have exemptions of ten thousand dollars
$10,200 pretty standard so you would subtract your deduction in your
exemption from your income making your taxable income
10600 I got the ten thousand six hundred as we started with twenty thousand eight
hundred dollars of income minus sixty two hundred dollars of standard
deduction minus four thousand a personal exemption leaving us with ten thousand
six hundred dollars of taxable income then with that amount of income your tax
rate would probably be around ten percent were just going to say ten
percent might be ten point five eleven percent I don't know the more money you
make like some people in the United States are in the 25% 30% tax range that
they pay they make a lot of money like two hundred and fifty thousand dollars
you may you have ten thousand dollars in tax in one film ten thousand six hundred
so you will be taxed at 10% so basically the taxes you owe as a thousand six we
figured out your income your deductions everything you owe
you owe $1,000 it's at 1000 $60 you owe the IRS do you have that are you
prepared to pay that if you like then you're like hold up pump your brakes
homie pump your brakes IRS already fronted you
all your dollar already fronted you bro 50 bucks a week son 50 bucks a we've
already done gave you 2,600 Konami's talking about all you a thousand six you
guys done lost your mind boy that our pay up direct deposit to cham trying to
get some commas in your boy trying to go Applebee's whoo 421 we'll ball out our
own tax refund whoo just make sure he'll but to get the picture of basically how
it goes they're going to say you owe a thousand
thousand 16 whatever you know that's 10% of that so basically you know about a
thousand dollars a thousand sixty but you're like you've already fronted them
twenty six hundred dollars fifty dollars a week for the whole year
so you're like what about that so you get the difference they say you all a
thousand six dealing I already gave you twenty six hundred dollars so that's how
your refund for fifty one thousand five hundred and forty dollars and and it
depends if you have so if you have less taken out and read let's say you have
this would probably be with zero exemptions on your w-4 if you have one
exemptions or you said I you know I want I have more exemptions take out less
every week you know laughs laugh now cry later right so I just want to be you
know so let's just say they took it he took out 20 $25 a week $25 a week right
let's say it was $25 a week where's one eraser $25 a week or if it
was $25 a week times 52 this would be 1300 this will be 1300 so your printed
on 1300 what is I got a variable with the refund
AVO the refund be 200 240 to 140 so if you see that if you give them a
little bit less anyways that is how your tax return is comprised of in federal
holding so pay attention if you have federal withholdings okay peez them out
of this mug till next time come on is the CPH strength you know you love it
stay positive keep grinding with go let's go let's go boom