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HOW DO I GET BIGGEST REFUND / INCOME TAX TIPS #6 / W2 EXPLAINED / WHAT IS FEDERAL WITHHOLDINGS - YouTube
Channel: CPA Strength
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yo yo yo CPA strength here back with
another video my best video yet yeah you
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know it is what's this w2 explained what
about a w-2
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well if you get a w-2 I want you to take
away look in box number two on every w-2
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this box number two right here after one
box number two federal income tax
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withheld what is federal income tax
withheld well let's just say well I want
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to tell you before I go into what it is
if there's a number here please look
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into filing your tax return
that's the most important thing that I
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want to say in this video because if
there is a number here and your honor w2
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you are probably not going to oh but you
might but if you but you probably will
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get a refund so definitely look into
this or there's a very good possibility
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that you'll get a refund if you have a
number in box number two federal income
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tax withheld federal income tax withheld
is an amount deducted off every weeks
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paycheck or one of every paycheck that
you get maybe whenever you get paid a
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paycheck
now w2 you get these if you're an
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employee you know you go somewhere you
clock in your boss tells you when you
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can leave whatever nine to five forty
hours a week you get a paycheck every
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Friday at the end of the year you get a
w-2 and it would have the accumulation
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of all your paychecks on there but you
notice if did I know you notice well I
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know you know how to see if you get it W
tubes I know you I know you're gonna
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notice what I'm telling you next when
you use you sign up for your job
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whatever your bus is ten bucks an hour
you're like great forty hours a week
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that's four hundred dollars then you get
your paycheck and it's like three forty
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you're like yo where's that sixty
homes that money comes out of Social
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Security Medicare and you know you pay
these in every and you don't have it you
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don't have a choice it's not this is 6.2
percent this is 1.5 for somebody you
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don't have a choice about how much
Social Security or Medicare or if you
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can wait till later or whatever they
take that certain amount every paycheck
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you do have a choice about how much
federal income tax is withheld that's
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why I say look to see if there's a
number taken subtracted from it what
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they do is when you fill out a w-4 and
maybe we're looking at w-4 if anybody
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wants but everybody wants me to go over
W for a comment down below look at our
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w-4 let me let me know please but where
is it oh so the purpose of the w-4 is to
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try to figure out the how much federal
income tax that you need to be withheld
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to get a little bit of a refund or about
to break even and that's what they're
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trying to figure out so it's always
different I just want you to know on a
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w-2 because I looked on a couple w2
explained and they just they went over
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like the ein number over here and your
address in your name and your social and
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your stay in this and then they went
over everything but like um this is
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really I don't know this is for the
person you know who usually just
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crumples up their w-2 and throws it away
and thinks they're getting over on
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somebody but in essence because you've
never heard anything about it well think
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about it if if your do if you're due a
refund the government doesn't even care
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so you might just be throwing your money
away so I want you to look over here and
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see if you have federal income tax
withheld now I'm going to do a very
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quick and then I'll be out all as a
7-year tax preparer I'll tell you what
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if you're a single person you come in
you make sixteen thousand five hundred
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dollars I know for a single taxpayer the
standard deduction personal exemption is
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about ten
is about 10,500 so you would have about
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$6,000 taxable income I know that you'd
probably be in the ten percent tax
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bracket from that so six ten percent of
six thousand six hundred dollars so I
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know you would all about six hundred
dollars to the government with these
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facts making this much money being a
single person you would all about six
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hundred dollars so with me looking at
this uh w2 real fast I would know that
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you would are you're gonna owe six
hundred dollars but wait but wait you've
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already given that you've already given
the government $2,100 throughout the
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year so you would you would probably be
getting back about fifteen hundred
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fifteen hundred dollar refund guarantee
you're gonna get a thousand fifteen
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hundred maybe more thousand probably
yeah fifty learned I'll refund so I mean
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oh I even am I telling anybody anything
new does everybody know this I feel like
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whenever people come to me they don't
know anything about their w-2 they have
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no idea and they figure out like the
refunds made out of thin air which it's
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not the one takeaway is I want you to
know that where the federal income tax
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withheld is on your w-2 and when you get
your w-2 this next year in January
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sometime or when you get Nick w2 I want
you just to look at this is the the Box
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one I want you to look at a couple
things box one box three and box five
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are probably going to be the same unless
you have a 401 K or something like that
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we're not worried about that for a very
very basic these might be the same this
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might be a little less you might be
taxed but anyways that this is this is
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generally your gross amount this is that
four hundred dollars this is that ten
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times ten dollars an hour 40 hours a
week this is a $400 right here that's
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that gross so just look at that that's
what every every week times 52 made up
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this is an end
so I just want you to look at that very
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briefly know what that is
if you're single subtract about 10,500
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from this number then go over here to
the box number two the federal income
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with federal income tax withheld and be
cognizant of this number because you
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know what this is what you've given the
government on here and it's on a
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voluntary basis a lot of people are
1099s a lot of people haven't paid their
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taxes on the 1099 it's because you have
you do that at the end of the year and
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that's on them and people are scumbags
and don't do anything so you know if you
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get a w-2 you've already paid in so much
you know this is your money you know you
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would get $1,500 off this tax return so
I implore you to be cognizant of your
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federal income tax withholdings because
it's not the same for everybody it's
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different it depends on how you fill out
your w-4 but this is long enough anyways
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this is CPA strength tell tomorrow I
love doing this I hope I helped you
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deuces
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