When Form 2220 Allowance 2022-2023

Instructions and Help about When Form 2220 Allowance

Hey guys it's Anthony Fontana here I'm an IRS enrolled agent with ei tax resolutions and today I'm addressing the question of how many allowances do I claim on the IRS Form w-4 so what is the IRS Form w-4 it's a form your employer is required to give to you when you start a new job and it tells your employer how much taxes to withhold out of your paycheck so obviously this is a very important form to sell it accurately as you want to make sure that you're paying enough taxes throughout the year so at the end of the year you don't owe a whole bunch money but then on the other hand you don't want to be paying too much taxes so you don't have enough money in your paychecks to pay your bills so there's a lot of information that goes into filling out an accurate form w-4 what sources of income do you have how much income do you have what is your filing status how many dependents you Clint there's a lot that goes into it however the most important thing I want you to get out of this video is the concept behind the number of allowances you are claiming on the form w-4 line 5 ok so the higher number that you throw down on line 5 tells your employer to withhold less taxes now vice-versa the lower number that you claim on line 5 of the w-4 being the lowest tells your employer to withhold more taxes now let's take a look at the form I'll go through that with you right now ok so this is the first page of the IRS Form w-4 and here's what the second page looks like ok as you can tell there's...