Video instructions and help with filling out and completing 8850 Form Compensation

Instructions and Help about 8850 Form Compensation

Hey everybody how you doing this is Martin herd and I want to welcome you to W for training alright um cuz were everyone that you know once we learn how to correctly feather w form a duck form w-4 also those individuals who are in business or looking to get in business you know how you can make the adjustments on your form w-4 to start giving more money back on your paycheck okay so first we're going to do is start up here it says right here the purpose of this form okay la people don't read these forms right you go to your job you just you just so happen to get a job and get a paycheck that you just feel the form out all right you need to take a look but it says the purpose right here it says complete the form for all right and lastly just you do is go print one out right now go to irs.gov and search w-4 print one out or if you're watching this on the website and I have a link to somewhere go print it off okay this is the complete form w-4 so your employer can withhold the correct federal income all right tax from your pay consider completing a new form w-4 each year and when your personal or financial situations change some of you your situations have changed but you haven't updated your form your form w-4 like some of you when you guys start your job you a single now you're married now you're marry children or you know or you don't you know yeah shows that moved out or maybe you take it on a you know to get a elderly parent okay so we're going to go over here a into one if you can claim yourself as a dependent right enter one is you want to ask yourself is this me into one if you're single and at one job or you marry only have one job and your spouse doesn't work or your wages from a second job or your stars ways is total both or fifty hundreds left is that the case put one into one for your spouse but you may consider zero if you are married and has either a working spouse or more than one job okay that's you put one it's a number dependents I mean depends do you have your right children you know your own maybe maybe now you've adopted children you some people are taking on other people's children put that in here like for me I have four okay filed into one of your head of household now this this doesn't mean like I'm the man head of household or I'm the woman head of household it tells you right up here head of household general you can claim head of household filing status on your tax return own if you are unmarried only if you are unmarried and paid more than 50 percent of the cost of keeping up a home for yourself and your dependents or other qualifying individuals okay hello household is that you put there put one of you have two thousand dollars in child care or dependent care expenses right day care thought people do I know we did until we put that one all right child tax credit it tells you right here if your income is less than seventy thousand if you're single one hundred dollars you may enter two for each child then less one so I for us we have four children so to 8-1 that be seven okay and if you have to the for eligible child as our children or less to if you have five or more all right let's go get five or more okay let's one if you have two two four let's kill you have five or more put that number here all the bt7 okay and then you took add them up and this number right here goes down here okay now if your exemptions are high your exemptions up is at nine our rising not nine is the highest you can go on your exemptions that mean you pay no federal taxes alright you can adjust these accordingly you can just these accordingly um you know to make sure that you don't know or you know you get all that you can okay so adjusted page 1 on page two alright I where you make the adjustments we call this deductions and adjustments for those in business all right so let's say grants is on page one you have a low exemption okay and you want to give my money back on your patient well that that is changes major stay tuned so here on page one you will write your deduction now what are your deductions from well when you have a business you get deductions from you know things and all your bills now become business expenses right so now your cell phone bill has less a business expense a lot of miles that you drive our business expenses you do some postage business expenses whatever percentage of your home that's used for business that percentage of your utilities or business expense you got your new license business expense so those were your deductions on okay so what you want to do is first look at number two and find out where you fit on the standardized deduction okay because everybody just standard deductions so we're going to use 12,700 is married filing jointly or qualifying widower so we're going to add six thousands that we're going to put eighteen seven here okay and then we're going to add twelve seven here but make sure whatever number you are at six thousand so we're going to subtract these two and put six thousand all right now now for that into the end of 2017 adjustments to any income

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