yo yo yo CPA strength here back with another video my best video yet yeah you
know it is what's this w2 explained what about a w-2
well if you get a w-2 I want you to take away look in box number two on every w-2
this box number two right here after one box number two federal income tax
withheld what is federal income tax withheld well let's just say well I want
to tell you before I go into what it is if there's a number here please look
into filing your tax return that's the most important thing that I
want to say in this video because if there is a number here and your honor w2
you are probably not going to oh but you might but if you but you probably will
get a refund so definitely look into this or there's a very good possibility
that you'll get a refund if you have a number in box number two federal income
tax withheld federal income tax withheld is an amount deducted off every weeks
paycheck or one of every paycheck that you get maybe whenever you get paid a
paycheck now w2 you get these if you're an
employee you know you go somewhere you clock in your boss tells you when you
can leave whatever nine to five forty hours a week you get a paycheck every
Friday at the end of the year you get a w-2 and it would have the accumulation
of all your paychecks on there but you notice if did I know you notice well I
know you know how to see if you get it W tubes I know you I know you're gonna
notice what I'm telling you next when you use you sign up for your job
whatever your bus is ten bucks an hour you're like great forty hours a week
that's four hundred dollars then you get your paycheck and it's like three forty
you're like yo where's that sixty homes that money comes out of Social
Security Medicare and you know you pay these in every and you don't have it you
don't have a choice it's not this is 6.2 percent this is 1.5 for somebody you
don't have a choice about how much Social Security or Medicare or if you
can wait till later or whatever they take that certain amount every paycheck
you do have a choice about how much federal income tax is withheld that's
why I say look to see if there's a number taken subtracted from it what
they do is when you fill out a w-4 and maybe we're looking at w-4 if anybody
wants but everybody wants me to go over W for a comment down below look at our
w-4 let me let me know please but where is it oh so the purpose of the w-4 is to
try to figure out the how much federal income tax that you need to be withheld
to get a little bit of a refund or about to break even and that's what they're
trying to figure out so it's always different I just want you to know on a
w-2 because I looked on a couple w2 explained and they just they went over
like the ein number over here and your address in your name and your social and
your stay in this and then they went over everything but like um this is
really I don't know this is for the person you know who usually just
crumples up their w-2 and throws it away and thinks they're getting over on
somebody but in essence because you've never heard anything about it well think
about it if if your do if you're due a refund the government doesn't even care
so you might just be throwing your money away so I want you to look over here and
see if you have federal income tax withheld now I'm going to do a very
quick and then I'll be out all as a 7-year tax preparer I'll tell you what
if you're a single person you come in you make sixteen thousand five hundred
dollars I know for a single taxpayer the standard deduction personal exemption is
about ten is about 10,500 so you would have about
$6,000 taxable income I know that you'd probably be in the ten percent tax
bracket from that so six ten percent of six thousand six hundred dollars so I
know you would all about six hundred dollars to the government with these
facts making this much money being a single person you would all about six
hundred dollars so with me looking at this uh w2 real fast I would know that
you would are you're gonna owe six hundred dollars but wait but wait you've
already given that you've already given the government $2,100 throughout the
year so you would you would probably be getting back about fifteen hundred
fifteen hundred dollar refund guarantee you're gonna get a thousand fifteen
hundred maybe more thousand probably yeah fifty learned I'll refund so I mean
oh I even am I telling anybody anything new does everybody know this I feel like
whenever people come to me they don't know anything about their w-2 they have
no idea and they figure out like the refunds made out of thin air which it's
not the one takeaway is I want you to know that where the federal income tax
withheld is on your w-2 and when you get your w-2 this next year in January
sometime or when you get Nick w2 I want you just to look at this is the the Box
one I want you to look at a couple things box one box three and box five
are probably going to be the same unless you have a 401 K or something like that
we're not worried about that for a very very basic these might be the same this
might be a little less you might be taxed but anyways that this is this is
generally your gross amount this is that four hundred dollars this is that ten
times ten dollars an hour 40 hours a week this is a $400 right here that's
that gross so just look at that that's what every every week times 52 made up
this is an end so I just want you to look at that very
briefly know what that is if you're single subtract about 10,500
from this number then go over here to the box number two the federal income
with federal income tax withheld and be cognizant of this number because you
know what this is what you've given the government on here and it's on a
voluntary basis a lot of people are 1099s a lot of people haven't paid their
taxes on the 1099 it's because you have you do that at the end of the year and
that's on them and people are scumbags and don't do anything so you know if you
get a w-2 you've already paid in so much you know this is your money you know you
would get $1,500 off this tax return so I implore you to be cognizant of your
federal income tax withholdings because it's not the same for everybody it's
different it depends on how you fill out your w-4 but this is long enough anyways
this is CPA strength tell tomorrow I love doing this I hope I helped you
deuces