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How to fill out the IRS Form W-4 Single Employment No Dependents - YouTube
Channel: Travis Sickle
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today we're gonna be talking about
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filling out the w-4 today we're gonna
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focus on the single tax filer who has
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one job and has no dependents my name is
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Travis Sickle CERTIFIED FINANCIAL PLANNER
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with Sickle Hunter Financial Advisors
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Okay before we get started it's
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important to note that this video for
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the w-4 is specifically for the single
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taxpayer who has no dependents so you're
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not taking care of any children you
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don't have any dependents such as
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parents living with you or grandparents
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or other family members nobody depends
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on you financially also you're also not
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a dependent of anybody else so even if
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you're living at home as long as mom and
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dad aren't supporting you financially
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then this video is gonna be for you so
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if they're not claiming you as a
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dependent and you're still on your own
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maybe you're paying rent then this video
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is gonna help you fill out the w-4 okay
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this is the w-4 form and we'll put a
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link down at the bottom if you don't
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already have one this is the 2017
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version and you can still use it even
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though it's 2018 the IRS has said that
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they'll make it so any of the employers
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that have the W for 2017 version on file
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will be able to convert that into the
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2018 version right up here you can see
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the purpose of the w-4 and it's to
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complete the w-4 so that your employer
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can withhold the correct federal income
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tax from your pay so this is going to
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effect each and every single paycheck
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that you receive and you're gonna see
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withholdings come out of those checks
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primarily today's focus is going to
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focus on this middle section right here
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on page one and it's gonna be the
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personal allowances worksheet we're
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going to go ahead and jump right in to
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line a answer one for yourself if no one
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else can claim you as a dependent so
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you're gonna put a one here again this
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video is for those who are single again
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the w-4 that we're filling out today is
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for a single with no dependents on line
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B enter one if any of these apply so
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you're single AB
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only one job so we're gonna go ahead and
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put a 1 because we know that this first
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one is going to be true in this instance
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if you're married have only one job or
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your spouse doesn't work again we're
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filing this for an individual so if
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you're married this video isn't for you
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and if your wages from a second job a
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second job is going to change it
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slightly so we want to make sure that
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you only have one job in this scenario
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but since this first one is true we're
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gonna go put a 1 right in line be online
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see enter one for your spouse so you
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could stop right there because in this
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instance you're single so we're gonna
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put a zero line D enter number of
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dependents you won't have any dependents
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if you're filling out this online D
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enter number of dependents you will
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claim on your tax return in this
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instance we don't have any dependents so
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we're going to go ahead and put another
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zero on line e enter one if you'll file
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as head of household on your tax return
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now head of household the definition is
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right up here I'm gonna highlight it for
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you
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head of household generally you can
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claim head of household filing status on
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your tax return only if you are
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unmarried and pay more than 50% of the
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cost of keeping up a home for yourself
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and your dependents so it's that that
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dependent portion is really important to
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understand that's what the difference
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between an individual and head of
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household is is whether or not you have
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dependents and in this case we don't
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have any dependents so for e we're gonna
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put a zero on line F enter one if you
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have at least two thousand of child or
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dependent care expenses for what you can
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claim as a credit you'll put a zero
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there because in this case we don't have
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any dependents you're not gonna have any
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children that you're financially
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responsible for line G is for the child
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tax credit so the same thing we're gonna
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go ahead and put a zero for G because we
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don't have any dependents we don't have
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any children that were financially
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responsible for line H add line a
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through G and enter the total here
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that's going to be 2 H is the last line
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item that you're going to fill out as
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far as calculating how much you're going
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to with halt so on the very bottom this
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is going to be the section down here
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that you're going to provide to your
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employer so you're actually gonna cut it
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with a scissor just cut right on this
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dotted line right here so here's where
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you're just gonna put your name right
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here your first name your last name your
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social security number your home address
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and you are single so you're gonna check
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that off and in line 5 total number of
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allowances you are claiming from line h
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above or the applicable worksheet on
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page 2 we're gonna go up to H it says 2
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so on line 5 you're gonna put it two
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down here you're gonna sign you're gonna
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date it you're gonna put your employer's
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name and address and then you're gonna
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put their e a铆 n their tax code if you
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don't know it ask them they'll be able
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to provide it for you there is a page
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too but we're not gonna fill it out in
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this instance because this is only if
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you're gonna itemize that's only if you
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have additional itemized deductions that
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you want to claim so over here you can
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see it says itemized deductions in this
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case we're not going to fill it out and
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on the very bottom here or in the middle
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in the middle here you're gonna see two
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earners multiple jobs worksheet again
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you're filing as an individual so we're
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not gonna fill out the two earners
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multiple jobs worksheet that's all you
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need to do hand in that bottom part and
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that will all that that is all that you
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need to do hand in the bottom of the w-4
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and you are all set the w-4 is designed
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to help you estimate the amount of taxes
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that you're going to owe at the end of
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the year it won't actually affect the
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amount of liability that you have in
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your taxes only the estimation of those
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taxes so you can pay throughout the
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course of the year rather than finding
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out that you have a huge tax liability
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at the
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the year it's also required by the IRS
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in depending on your current filing
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situation if that were to change go
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ahead and refill out the w-4 and of
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course if you get a new job you'll want
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to fill out another w-4 as well if
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you've enjoyed this video be sure to
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subscribe and leave your comments down
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at the bottom
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