W4 Tax Withholding Steps 2 to 4 Explained | 2024 | Money Instructor

Learn to navigate IRS Form W-4, focusing on handling multiple jobs, claiming dependents, adjusting deductions and other income, and utilizing the IRS Tax Estimator tool for accurate tax withholding. The W-4 form for 2024 is similar to the 2023 version in terms of the steps outlined in the instructions.

An easy to understand step-by-step guide to W4 steps 2, 3, and 4. Discover the factors that influence your paycheck and tax liabilities such as income, working spouse, dependents, and anticipated deductions and credits. This video will also guide you on how to claim dependents, understand tax credits, and input non-job income and deductions. Moreover, gain insight on when it is ideal to review your W-4, especially during major life changes that can significantly affect your tax situation. Enhance your financial planning skills and avoid unwelcome tax season surprises through these comprehensive discussions.

Before watching this video, please see our W4 overview video:

More Tax information and resources

IRS Tax Withholding Estimator

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Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.

[mexicanjesus]

How does a piece of paper make you feel stupid

[Jazzmin]

Nice video ❤ I needed to find an apartment for me and my child so I was struggling with getting w2 and bank statements had to purchase them online

[chineduchukwu]

Do i have to fill this out even though I have two jobs or will have two jobs?

[BeccaSupreme]

If I claim zero allowances on my NY Withholding IT-2104 form that I have to fill out for this internship that starts in June 2024 and ends in August 2024 where I would only end up making 2.7K for the year at the end of August 2024, and my parents still claim me as a “credit for other dependent” on their 2024 joint tax return next year, could I still file my own 2024 tax return next year too or no despite the fact that I will most likely be claimed?

[boymomma]

How to break even as head of house hold and 1 dependent? Still take home a nice paycheck and not owe during tax season ?

[tubeyou]

My 18 year old is a highschool student and dependent on us and my 20 year old daughter is dependent on us too.

[aselamabrown]

My son want to claim 1 for his exemption this year

[pameladireso]

I want to claim 2, myself and 1 dependent child, how do I do that on this? I’ve watched all of the videos and it’s not explaining it

[toeqmwm]

I did the tax estimator and it told me to put $6, 500 in step 3. Why? I don't have kids or dependants. Is it the "other credits" part? If so, why didn't it tell me what these supposed "other credits" are? I don't want it to look like I'm claiming dependants when I'm not.

[drew]

How can I claim my self? Do I put $500?

[GoosbyGoosby]

If I work two jobs do I need W4 for both jobs?

[liveonlock]

This only applies if you have children?

[dianegarcia]

I have 3 children what do I put in section 3?

[Paws]

There is no withholding please go away stop bothering recipients. It is all fake there is no tax withholding or deductions go away. There is no deduction go away.