Bold highlight in the Form W-4

Aug 6th, 2022
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How to bold highlight in the Form W-4

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hey youtube so in this video i wanted to go over what do you do if every year when you file your tax return youre getting a massive tax refund right now i know youre thinking well thats a good thing right im getting a bigger refund thats what i want i like that nice big check thats kind of true but you need to really explore why are you getting the refund if youre in a position where youre getting a tax refund basically just out of your federal withholding is coming out of your wages so youre not getting any kind of special tax credits or incentives things like that youre just getting back the money that you paid in to the irs during the year maybe you might want to adjust your withholding right so think about this if you get a tax refund at the end of the year it means that you paid too much taxes during the year to the irs and so if youre paying too much every single year you might want to go to your employer and adjust the amount of federal withholding coming out of your

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Adjustments to withholding Individuals should generally increase withholding if they hold more than one job at a time or have income from sources not subject to withholding. If they dont make any changes, they will likely owe additional tax and possibly penalties when filing their tax return.
If you receive a revised Form W-4 from an employee, you must put it into effect no later than the start of the first payroll period ending on or after the 30th day from the date you received the revised Form W-4.
Will Changing Withholding Affect My Paycheck? Yes, changing your tax withholding will change your take-home pay amount, though your gross pay will not change. Increasing your tax withholding reduces your net paycheck amount, while decreasing your withholding increases it.
Why is it extremely important to read the fine print of your W-4? So that you can get all the details of your job and also make sure that you are withholding the correct amounts. You need to fill it all out to make sure that you are being paid correctly.
There is no limit on how often you can update your W-4 during the year to keep up with changes in your situation.
Unless otherwise notified by the IRS, employers are required to begin withholding based on the lock-in letter for any wages paid after the date specified in the notice. Once a lock-in rate is effective, an employer cannot decrease withholding without IRS approval.

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