yo yo-yo CPA strength here with another video yeah it's gonna be my best video
yet yeah I always tried do everything better this is gonna be tax tips for if
first so you know a little something about your tax return this is going to
be you make four dollars a week your filing status is single and you have no
dependents so like a super simple basic thing you're like I don't even know what
to do okay I just got my w-2 it says I made twenty thousand eight hundred
dollars what do I do well you go I RS gov you can find everything you need
here on irs.gov all right poke around a little bit it's
touch the buttons what I do is I touch every single button everywhere I go they
just reformulated this so look I'm looking for it form 1040 that's what
you're gonna file they have a 1040a or 1040ez but it's just smaller versions so
I just do straight 1040 all 1040 for a personal tax return this is what you're
gonna have to file if you're a person so if you listen to this you're probably a
person okay I mean I'm being sarcastic yes you are well look this is the 1040
form that you would fill out you could fill it out by hand and mail it in if
you want I mean that's the easiest thing now now I wanted to show you there's
also a thing called a publication 17 and that's where you want to go to get the
tax table which we're gonna we're gonna I'm gonna show you later in the body of
the the video so yeah this is the pub 17 and I mean you just know this on GP like
I had no idea the pub 17 existed before I started doing tax taxes tax returns
but they do a new one every single year and it's like the the Bible for taxes I
mean it's straight from the horse's mouth from the IRS and it's got
hyperlinks to everything so when I'm when I was bored I would just read this
thing so I hope right everybody so here we have a 1040 this is for 2016 but what
are we're gonna focus on could happen for any year I just want you to know a
little more than the average person about the tax returns that they file
every single year and more than most people as anything so I'm
not gonna really worry about too much this top you just put your name social
security at dress on here now you have five filing statuses to choose from and
each one there's certain requirements or whatever but we're going with the basics
because how can you do a more advanced topic if you don't know the basics so
you know I love the basics we're sticking with the basics so we're single
that's the filing status because it's just me it's just myself that's the
exemptions I have so filing status single exemptions just myself just one
exemption I don't have any dependents I don't take care of anybody yeah so so we
have one exemption and our funds has two single this'll this'll come to fruition
on the second page now I wanted to make this basic so I figured hey let's take
someone who has a job a 40-hour a week job make ten dollars an hour which
honestly is pretty decent I mean real life I mean I've worked for $8 an hour
in my 30s you know and before I got a raise to $10 but anyways that's besides
point so if you make 400 ollars a week on your w-2 you're gonna get w-2 for 20
thousand eight hundred dollars see look right here on line seven
you take your attachment form w-2 so that's that's where it goes as first
little section here on the 1040 is your income and that's all the income that we
have all the information that we need to file a tax return is going to be on your
w-2 and then to know how to do it the IRS website so the IRS website and your
w-2 is the only things you're gonna need well and of course to know what know
what to do so 20,000 is a very basic tax return so 20,000 $800 is how much we
made that year now I'm not gonna bother with any of this stuff these are above
page front page deductions just gross didn't
these are pretty rare if you just had a w-2 one little job that's all you did
very basic you're not gonna have any adjustments here so really adjusted
gross income is mostly just gross income so that's the same thing that's the
first page now I want you to notice just see drastic growth in AGI it adjusted
gross income is such a big number excuse me I'm gonna push up in my chair
sorry about that guys the adjusted gross income is the bottom
of the the bottom of the first page of the 1040 top of the second page the same
for the same number so it's really a huge number you know you're gonna think
it's a big number they put it twice for a reason all right so now we have twenty
thousand eight hundred we're gonna subtract our deduction now we're not
gonna we're not gonna itemize we're just gonna stand reduction what is it single
sixty three hundred okay yeah we're single filing status so minus sixty
three hundred leaves us with fourteen thousand five hundred exemptions well
how many exemptions did we have just one just just just me just you one person
one forty four thousand fifty so that leaves us with the taxable taxable
income of ten thousand four hundred and fifty you know like okay so yeah so now
we're going to go to that tax table and the pub 17 lets cut over to that yeah so
how do we know the tax well we go to the pub 17 we go to the tax table hyperlink
over here this is the text this is the tax table that you get so yeah I mean
just read it line line 43 your taxable income in what filing status you are so
we're single would we have ten thousand four hundred and fifty so let's look for
see it has a fifty dollar fifty usually a range here at least but less than so
mm no worked worth 10,000 so let's go down to 10,000 here ah 10,000 450 right
here look at that so 10,000 450 to 10,000 foot so that's us right here this
range that's us right here so we owe what is that one thousand one hundred
and eight dollars one thousand one hundred eight dollars is the tax we go
alright so we're back now we figured out how to get the 11 oh wait I think I
didn't say that was the first slot lever no wait there's different ones it's for
the different filing statuses I forgot to go over that but just just know
because really you'll be doing a tax program or you know if you're a tax
program we'll probably do this for you but you could look in the tax table
anyways so you owe your tax tax liability you owe the government 1108 at
this point now these are above line credits where your tax liability can't
go lower than zero so you can have negative liability so you could only
zero out non refundable credits this is what they call those here's tigers or
self-employment tax see we've already figured everything out we don't have
that but that's a huge one this is fifteen percent on the back end this is
really why I tell you to get an S Corp I shouldn't even have gone over that I'm
trying to make this fast now you're like dude what I 11 thousand
I love Oh eleven hundred and eight dollars this year no you don't look on
your w-2 and it's federal withholdings and actually I mean nothing's a secret
here you can you can look on you know like I said you make four hundred ollars
a year so you're gross your gross wages is twenty thousand eight hundred for the
year fifty two weeks four hundred four hundred a year but
that's not what you take home because you take home you - your taxes taxes
being Medicare and Social Security that's seven point six five percent so
if you make four hundred dollars that's about thirty dollars coming out of your
paycheck now I've I've said that the government
took out a one thousand one hundred eight dollars in federal withholdings
every week which is really not gonna happen in real life but for our purposes
here because I want to show you you know your tax liabilities 1108 but it depends
on how much you've already given them on your federal withholdings through the
whole year that determines see your total payments how much you've paid
through the year here and here's here's refundable credits but anyways you've
paid one thousand one hundred eight dollars through the year that's about
twenty a week - for thirty weeks of taxes so you bring home three hundred
and fifty so you know you have a job for four hundred you have twenty dollars a
week in federal income tax withheld and then 30 in Social Security Medicare so
you're taking home 350 every week this is what it would look look like come tax
time you would actually zero out because they say hey you owe us you we figured
everything out and you owe us one thousand one hundred eight dollars and
you're like oh okay that's cool but hey guess what I've given you one one
thousand one hundred eight dollars through the year so I I have zero I
don't owe you anything and you don't owe me anything
so that is that is the tax return this is a very very basic very basic tutorial
or whatever I don't know if is a tutorial I just I just want you to know
something about this which you know from this is my going into my seventh tax
season I realized that well III probably a little skewed because I get the tax
returns I do are obviously people who don't do it themselves so but it seems
like people don't know anything so they wouldn't they wouldn't know if I'm doing
a good job on their tax return or not like they don't know anything so how
they could check it is beyond me so I would like to see you
just know some of the basics and that way you know if you go some by all means
if you have a simple one like simple like this you're single you just have
one W two just try it yourself you know I will just try yourself
and if that seems too daunting you know go to go to a professional tax preparer
and you know but at least you can have an idea of what the tax returns gonna
come out to and which is more than anybody else and let's see you know I've
worked for H&R Block for something like this for a very simple simple tax return
if it's your first year they might do it for free
they might charge 40 50 bucks for this now as a small tax preparer which I am I
mean I have my own business I I I go through a tax software company called
pro series and I do a paid by a return thing so this would cost me thirty
dollars to print this out for a client so I have to charge someone at least
thirty dollars and you know so if you go to a smaller place I would say this
return could be I mean 75 to 100 dollars you know just because they have to make
some money anyways gosh I've talked way too long oh my god I have I have some
alerts from new after that's app new from Africa prison show that's my
favorite YouTube channel so I'm sorry I'm gonna have to go anyways if you have
questions please leave them down below if you want to see me do a different
scenario
trying to make videos that help people that's what I'm trying to do here that
is my main objective in making these videos is helping the most amount of
people because it makes me feel really good to help people
and you know what I'm gonna see you guys tomorrow you guys have a great but
whatever if you're because I have fans from across the world like when I when I
upload at 8 a.m. I got I got this guy saying oh he watches my video before he
goes to bed at midnight so I'm like oh my god
so whenever you're listening to this watching this just man let's let's enjoy
this life all right until tomorrow deuces