My people, my people. How's it going? So today, I had a very interesting conversation with a young man. It's a conversation that I have all the time, actually. And that is, "Why do I owe taxes?" And I love getting this question because it allows me to discuss how taxes are calculated. Now, typically, I don't get this question from someone who has a refund, so I don't always get a chance to have that conversation. But the answer is the same for both: a miscalculation of taxes. The reason why you have a refund is because of a miscalculation of taxes, unless of course, you have earned income credit, child tax credit, or education credit. Okay, or if you owe taxes, again, it's because of a miscalculation. Now, what you're looking at right now is the W-4. Okay, this is a form that we're all familiar with. This is the form that you get when you get that brand-new job. Now, most people have seen the first page, but very few venture to the last few pages. Okay, the last few pages are all the math you need to properly fill out the first page. Okay, now the way I explain this is with the utility bill. When you get your utility bill in the mail, $478.13, you typically pay $78.13. Well, why is that? That's because the light company or utility company has calculated your bill for you and sent it to you in the mail, and you pay it. I ask people, "Why don't you pay your tax bill the way that you pay your light bill?" And the answer is always, "I don't know." Well, the answer is because you don't calculate your tax bill personally. I do not calculate my utility bill. If I wanted to,...
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2019 w-4 calculator Form: What You Should Know
Yes. You must submit a new W-4 before receiving your 2024 income tax and gift tax refunds. The deadline to submit a new Form W-4 is April 15. If you can't make it to your local IRS office, we recommend you send in your completed Form W-4 early. Is there a deadline to get paid electronically? Some employers will pay you early on April 15. If your employer does pay you early, you can use a calendar week for April 15 (usually the weekend around the 14th) to send your Form W-4 (or get your money wired) before April 15. Don't send your W-4 before April 15, or you will delay the refund your employer receives. If my employer pays me in February, is that enough time to submit my FormW-4 on time? Yes. Your employer will determine your income tax withholding when you are paid in February. For more information, refer to the instructions for Form W-4 (W-4) and IRS website. Do my friends and family receive their federal income tax and gift tax refunds electronically? The IRS will issue all of your refunds between February 1 and April 15 for taxpayers filing by mail. If you receive a refund on or before April 15, you are not eligible to file a claim for refund with other people's refunds. Why does my employer provide a form W-4? The form W-4 is for all employees, independent contractors and their families to receive their federal income tax and gift tax refunds or credit. The Form W-4 is free as a courtesy for employees and independent contractors, and there are no other fees associated with it, but IRS expects recipients to pay the required self-employment tax on any refunds. Also, if you are a contractor and received a Form 1099 for an employee of your employee's company, the employer can file a Form 1099-MISC (Management's and Employee's Indemnity Form for Payment of MIRA) if the amount is over 50. If your W-4 was submitted before April 15, check with your company to see if they filed a Form 1099-MISC with the tax. To file Form W-4 electronically, go to IRS.gov, enter W-4 and click the Submit button. If you are having trouble, use the IRS2Go online service. Please check the Instructions for Form 1040 for more information.
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