2020 W4 Form Fillable

2020 W4 Form Fillable welcome back to our Channel clear value tax my name is Brian Kim I'm a certified public accountant and in today's video we're gonna walk you through the w-4, form 2020 this is the most updated and newest version this is completely different than the w-4 form 2019 so, this is brand new so let's walk through this line by line on the form but let me preface very quickly by just saying that this form the w-4 this, is what determines how much taxes to withhold from each and every one. Of your paychecks so you do not want to be under withholding your taxes because if you do. Then you're gonna find out that you have a tax balance to do when you do your tax return and you also might be subject to penalties and on the. Flip. Side you do not want to be wildly over paying your taxes you don't want to be paying too much taxes because if you do yes you'll. Get that refunded back to you if you if you withhold more than you should have you'll get that refunded back to you when you do your tax return that's. Where your refund comes from however that's like giving, an interest-free loan to the government so rather than you just over paying your taxes and waiting for you to recoup that by doing your tax return it's better for you to, have that money in your hands in your. Pockets during the course of the year so you do not want to set the w-4 to under withhold you do not want to set it to over withhold you want to. Try to get just rights so that's what we're here to do, so let's walk through this form line by line welcome to the w-4 form 2020s so let's see how quickly we can fill out this form let's walk. Right through this so the first. One is asking for your first name in this example will be John last let me go Social Security number and of course that be your, address okay so let's choose what you are so if you're single or married filing separately.

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