Music hey guys, welcome to Teens and Taxes. This is the first video that the Department of Revenue is creating to help teens understand how taxes work. So, you're probably thinking, "I'm a teen, why do I care about taxes? That stuff's for my parents." Well, stay tuned because as soon as you get your first job, even just a weekend or summer job, you're gonna have to learn what taxes are all about. So, before you spend that paycheck at the mall, you're gonna need a few basics. Here's a form, thanks. Alright, so here we are, first day on the job. So far so good, you're in, you're meeting new people, and you're handed some official looking forms. What's that about? Alright, here's the deal. One of those forms is going to be a W-4 form. A W-4 form lets the government know how many dependents you have, which in turn your company is to see how much money to take out of your check. So, what is a dependent? A dependent is somebody you support financially, say like a child. It's important because it lets the government know how much money to take out of your paycheck. But, since most teens don't really support anybody financially, except when you let one mooch your friends, you'll only claim one deduction - yourself. And if you're not sure, just ask your parents. I'm sure their W-4 experts by now. And I'm sure you're wondering, why are they taking money out of my paycheck? Well, as a bona fide worker bee, you get to help pay for things now, like roads and executer. Welcome to the real world.
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What Is W4 Form: What You Should Know
What Form is Form W-4, and When Do I Need To Complete It? Here's What You Need To Know Employer Tax Forms — Wikipedia When employers are required by law to withhold and pay taxes directly to the IRS or state (also known as “wage deposit”) state, they need to file forms of tax and wage information Who needs a Form W-4 WTF What? Here's What You Need to Know About a W-4 Form and How to Fill It Out — Simple Tax Info Wage and Tax Payment Assistance Program — IRS An amount set aside to pay for income tax assistance for low- and moderate-income persons, and to pay for the expenses of filing wage income tax returns in federal tax years.
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Video instructions and help with filling out and completing What Is W4 Form
