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W4 or W9 - W2 or 1099 - 1040 / Income Tax Tips #9 / Showing a flowchart of taxes for workers / CPA - YouTube
Channel: CPA Strength
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yo yo yo CPA strength here back again
with another video this is like 200 days
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in a row or something I don't even know
I'm in my happy place I woke up super
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tired this is good this videos gonna be
out at like an hour or something so yeah
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we're running behind but like don't my
super happy place we're gonna hit 37
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thousand subscribers today probably so
if you want to be a part of that hit
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subscribe you'll be a part of that 37
thousand what a blessing so please
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subscribe also please you're gonna
cookie if you subscribe to if you like
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you get good luck for us to your life
you think the little leprechaun guy and
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getting his gold I'm in the middle of
January now yeah I don't even know the
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date I just know it's January sometime
and I need to get my ne get my stuff
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together because it's almost tax season
and this is is what I does I was
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basically going over something very
similar this last night with a client
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longtime friend etc etc smart people pay
me for this information so hey I'm gonna
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pass it on and teach teach everybody if
they want to listen you know start off
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with your name Social Security and
address when you start a job before you
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get it first before you get any first
monies that would be smart to do you're
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either gonna fill out a w-4 rw9 w-4 is
if you're an employee w9 is if you're an
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independent contractor but basically
both are saying both you give them your
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name your social security number and
your address and these would be a w-4 w9
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these just stay in the office or whoever
is paying you the money it just stays in
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their records yeah so basically you're
just filling that out this one saying
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well there's no taxes taking out and
this one is saying hey it's giving you
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some questions like are you mayor
how many withholdings do you want
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because I over here are trying to figure
out how much vision we're trying to
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figure out how many federal withholdings
to take out so you end up with a little
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bit of a refund at the end of the year
but we're here they're not taking
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anything out of the w9 all right we've
gone over that enough both places
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whether you're an employee or an
independent contractor right you're
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working we be working dog both places
you working over here you're supposed to
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show up at a certain time use their
stuff over here and independent
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contractor w9 land you're your kind of
your own guy you come as you go you have
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your own tools etc etc' didn't know
we're down to here we're down to here on
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our January 31st you got to send them in
the mail whoever's paying you that money
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should be sending you in the mail or
giving you either either a w-2 or 1099
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no you're not the same thing not even
close really well I guess I guess kind
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of close it's how much money I guess
they are close how much what do you made
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during the year w2 is gonna have taxes
out because you're an employer you
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filled out a w-4 1099 is not gonna have
any taxes taken out because you're an
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independent contractor or your own boss
the w9 side you're gonna get a w-2 and
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you get a 1099 by January 31st also you
get a copy and IRS gets a copy you go to
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w2 and IRS gets a w-2 you get a 1099 IRS
gets a 1099 so they're gonna be
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expecting so they're gonna be expecting
you to report that you can't just put it
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under your pillow I've done that doesn't
work and much one eased out I was like
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wha I'm gonna get over yeah
I didn't get over on nuttin I lost money
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they got over mommy January 31st you got
either a w-2 or 1099 depending on if you
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filled out a w-4 or a w9 right I put
here the w-2 is gonna have taxes taken
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out tax is taking out Social Security
Medicare aka FICA and federal
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withholding so you have federal holding
back a dog for another thing you
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probably are gonna get it you're
probably gonna get a refund over here
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you might get a refund or there's a good
chance over here in 1099 land no taxes
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taking out no Social Security no
Medicare no federal holdings so most
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probably you're gonna get you're gonna
owe money most probably no taxes taken
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out you're gonna owe money yeah that's
over here in 1099 land so yeah you've
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got either a w-2 or 1099 now you're
gonna take both of these and you're
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gonna fill out you're gonna take that
you're gonna take your copy of IRS as a
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copy so they're waiting by April 15th
it's not actually I don't know if it's
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ever been April 15 since I've been tax
preparer say April 16 17 18 it's like
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the days there's a patriot day or
something April 15 Phil you have a w-2
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or 1099 you're gonna file a personal tax
return with whether you got w-2 or 1099
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you might have even both you might you
might have more you know some people
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have both maybe you're filing jointly
maybe you have a w-2 and your wife has
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the 1099 or something like that that
happens
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everybody's different there's no there's
200 million people in the US and there's
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300 million different you know different
tax situations so this is trying to just
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basic and of course I can ramble on and
I could I could talk for eight hours on
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this probably
whether you have a w-2 or a 10-9 you
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know and you're gonna you're gonna do a
ten file a 1040 with both of these and
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that's a personal tax return you start
working you sued you do it w4r w9w for
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would be if you're employed of nine if
you're an independent contractor January
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31st if you fill out w-4 you would get a
w-2 in the middle by your by your
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employer January 31st you follow w9 you
get a 1099 by your contractor I guess
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it's not only your employer but the
person who gave you money
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both you and IRS get a copy of your w-2
and 1099 ten nine nine nine nine nine
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nine nine nine so they're waiting
they're waiting we're waiting for you
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taxes taken out w2 so you might get a
refund no taxes taken out 1099 so you
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probably will owe exceptions to
everything of course April 15th
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thereabouts you're gonna file you're
gonna take your go to - you're gonna
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take your 1099 and you're gonna file a
personal tax return which is a 1040 both
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of these guys personal tax return so you
figure out how much how much you owe the
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government you get any back you owe more
all that good stuff I'm in my happy
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place I gotta get going because I gotta
edit upload title tag description answer
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comments all this stuff I love this
YouTube way too much I am way too happy
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right now it's the first thing I think
about when I wake up so why would I stop
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anyways until tomorrow we're doing a
move on so I forgot last Lots less talk
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about anyways until tomorrow deuces
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