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