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How to fill out IRS Form W-4 Married Filing Jointly One Income - YouTube
Channel: Travis Sickle
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today I'm gonna talk about how to fill
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out the IRS Form w-4 married filing
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jointly with one job there's your first
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time at our channel or you haven't
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subscribed click on the subscribe button
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at the bottom my name is Travis Sickle CERTIFIED FINANCIAL PLANNER
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with Sickle Hunter Financial Advisors
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So today
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I'm talking about married filing jointly
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with one job and this is a question that
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I got does it make a difference if we
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have one job or two jobs or more does it
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matter
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is a w-4 going to change well on your
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particular w-4 it will change but
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overall you're gonna see the tax
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liability is gonna be exactly the same
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so let's dive in I'll run some examples
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and we can see how that looks so I'm
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gonna pull it up on the screen here
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we're gonna look at the w-4 app it's the
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online version don't worry if you have
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the paper version we can use that just
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as well once we get our answer with the
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online version I'm gonna show you how to
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do it so here we go okay so I'm going to
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jump right into the w-4 online version
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don't worry we'll be able to put it on
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the paper version so we're gonna start
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with married filing jointly no one else
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can claim us as the dependent click
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continue so this is the page right here
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where we would enter in multiple jobs
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had we had multiple jobs right here
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click on it just like whatever number
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you want but today we're gonna show what
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it looks like if we have married filing
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jointly one job now if you held the job
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previously check it off or if you have
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401k check it off but for this video I'm
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just gonna show you what the difference
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is to have multiple jobs click continue
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so let's assume that the job that we
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have earns $50,000
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and we got no bonuses we withheld
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nothing zero and then put the pay
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frequency if you don't know it ask your
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employer they'll be able to tell you
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what it is
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click continue these are the deductions
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now standard deductions have increased
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so there are 24,000 so unless you have
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more than 24,000 dollars of write-offs
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then you just take the standard here we
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have two thousand seven hundred and
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forty two dollars in total tax liability
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now this is where if you look here it
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says enter zero on line five that's
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where you're gonna go to the paper
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version and look at the bottom line five
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enter the zero put all your other basic
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information just on that little strip
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right at the bottom and give that to
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your employer you can print this out if
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you want to keep it for your records so
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you know it came to those numbers but
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that's all you need to do it's super
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simple now let's take a look if we had
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multiple jobs let's see what that
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difference looks like so it's two
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thousand seven hundred and forty tails
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remember that and let's go back to here
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and let's say that was over two jobs
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click continue and for each of these
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jobs I'm gonna split up the pay so it's
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gonna total that the fifty thousand
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dollars and we'll put all the same other
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same numbers in here too although the
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bonuses in the withholdings don't
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actually change the total tax liability
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for the year it just changes how much is
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it with helped or pay check click
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continue click continue same number two
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thousand seven hundred and forty two
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only difference is now it's having you
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split up your allowances between two
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paychecks or your withholdings with two
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paychecks so job one is gonna have to
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put zero but also an additional 120 job
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to you same thing one hundred and twenty
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dollars per paycheck so it's exactly the
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same it's two thousand seven hundred and
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forty two dollars so it doesn't matter
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how many jobs you have it matters the
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amount of people in your household how
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many dependents and how much earning
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so that's what's really important about
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making these adjustments on the w-4 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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