Hello, my name is Katie Sonorous with Sonorous Wealth Management. In this video, we're going to talk about how to fill out Form W-4 for 2024. People who are filing as head of household, let's get started. What is head of household? Head of household filing status is for single or unmarried taxpayers who provide a home for a qualifying person. So what does "keeping up a home" mean? It means that you pay more than 50% of that qualifying person's yearly expenses, including mortgage, insurance, utility bills, and expenses for food and clothing. The qualifying person can be your child or one of your parents. The head of household filing status offers some significant tax advantages over the single filing status. These advantages include a lower tax rate and a higher standard deduction. Additionally, head of household taxpayers must have a higher income than single filers before they owe any income tax. Now let's go to the IRS website and look at the new Form W-4 for 2020. It is a one-page form, and it's quite different from prior versions. The form consists of five steps, with steps 1 and 5 being required, and steps 2, 3, and 4 being optional. Step number 1 is where you provide your personal information, including your first name, middle initial, last name, and social security number. You also include your current address. In section C, you mark the third option, which is head of household, only if you're married and pay more than half of the cost of keeping up the home for yourself and the qualifying person. Moving on to step number 2, this step is for individuals with multiple jobs or for those whose spouse is also working. In our case, since we're doing head of household with just one job, we can skip this...
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How to Fill W4 Form: What You Should Know
How to Fill Out a W-4 — Tax Notes There are several things you need to know before filling out a W-4 form, like: Filing status, whether you're married or single Your employment status (employment income or self-employment income) Your occupation Your estimated gross pay, including overtime Your tax withholding and estimated tax payment If you're not sure, consult with a tax advisor. W5 W-4 For Your Family — Career Builder Mar 17, 2024 — Fill out “family member” part of W-4 Filing status: spouse(spouse) or qualifying partner with or without dependents The purpose of the W5 W-4 Form for your family is to provide information on your family members and to help keep track for taxes. Filing status: spouse(spouse) or child with or without dependents The W5 W-4 forms are required by the IRS to calculate the employee's tax withholding and to pay out taxes you owe. What will the W-4 form on your tax return include? (If you're self-employed) Employer withhold taxes from employee's pay and sends the money to the IRS. These are generally required when working for more than one business or for an LLC. (If so, also check Form 1099-MISC in the “1099-K” Category) If you are self-employed you'll need to fill out a W-4 by filling out this summary as well as your W-2. If you have a business and are self-employed, you can fill out one W-4 for all of your family members. If you have any dependents, make certain they are mentioned in your W-4. (If not, you'll need to obtain their information and report them appropriately as a family member.) If you're married to this year, the W-4 will include your spouse. If you have more than one spouse but are married, the W-4 will include all of your unmarried dependents and give them each a separate line in the document. Note that the “child” line will also include the child of you and your spouse if the “spouse” line had only two fields.
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