How Your Paycheck IMPACTS Your Tax REFUND 💵 Tax Withholdings FULLY Explained

Learn How Your Paycheck Works - Tax Withholdings Explained - From Your Paycheck To Your Tax Return (How Your Paycheck Works) Full examples shown in the video.

Other videos related to this series that you might find helpful:

In this video you learn how:

• Your paycheck affects your tax return
• Your paycheck affects your tax refund
• How your W-4 impacts your paycheck
• How your paycheck impacts your W-2
• Why it is so important to know this stuff.

♦Check out my Income tax playlist here:

Subscribe for our future weekly videos. New videos typically every Sunday or Wednesday. Do not forget to help out a friend and share this information with them as well.

You can find our content on other internet platforms such as:

***Disclaimer***

All of the information in this video is presented for educational purposes only and should not be taken as financial, tax, or investing advice by any means. I am not a financial adviser. Although I am a CPA I cannot advise someone for tax purposes without knowing their complete tax situation.

You should always do your own research before implementing new ideas or strategies. If you are unsure of what to do you should consider consulting with a financial adviser or tax accountant such as an Enrolled Agent, or Certified Public Accountant in the area in which you live.

Thanks for taking time to check out this video, and our channel. Have a great day and we will see you in the next video!

[MoneyandLifeTV]

**I had to re-upload this video due to some additional edits that needed to be made. Thank you to everyone looking out for me I really appreciate it more than you know. Sorry for any confusion this may have caused.

[DorianParpari]

I'm ashamed to say how old I am and how long I've been in the workforce before really trying to get this info. I felt that this stuff was too complicated and left it to professionals to process my returns.Thank you for your video.

[drumsjv]

Not all heroes wear capes. Keep up the great work!

[MoneyandLifeTV]

Thank you in advance for continuing to support the content I produce on this channel it means the world to me. Please feel free to share this video with others, especially those who are just entering the work force. If you want to see more videos in this particular series please Crush that LIKE button or drop a COMMENT below. Thank you!

[lisah]

This video is needed for people entering the workforce. I remember having to explain this to a new employee. She wanted to opt out of paying Federal Withholding, Medicare and Social Security taxes.

[emikami]

Another very good video. I remember filling it out in my first summer job and didn't know anything about tax. Since the summer job only lasts a summer but the withholding calculation assumes as if you are making the same pay for the entire year, tends to over withhold the tax. It's very useful to know this at your first job and for people to not get intimidated with it. It is just an estimate and numbers get corrected when the final tax form is being filed.

[MoneyandLifeTV]

Other videos related to this series that you might find helpful:

[mando]

Mike can you make a video on how to avoid a tax refund.Some people get a big tax refund and it's the money they should have in their pockets already, therefore giving government an interest free loan.

[Neuromelanin-Dominant]

@Money and Life TV ! I would like more videos about taxes and how best to maximize actual access to earnings ! Thanks for what you share. Much appreciated!

[fatheadfathead]

Keep up the good work! Im on Track to calculate my taxes

[MA-lmql]

When I filled out a W-4 before they changed it in 2020 to the different new form. What I would do is I would change my allowances up to 12 or so. And then that would make my paycheck the biggest as possible with hardly any federal withholding. I did my taxes and I did not work the entire year but most of it and I didn't get a refund or barely got any at all not exactly sure now with the new form I can't do that because they took that option out. And I don't understand everything and how this works but I don't want any federal tax taken out or the minimal possible. So at $29 an hour I now have changed my W-4 online 4C only as a single status and I put $17, 000 on that line and then that brings my federal tax withholding down to very little only $40 or something per check.
Now at the end of the tax year am I going to be penalized or have a big surprise or is this going to be okay to do because with the new form and not being able to change the allowances there's no way to bring my federal tax down so they don't take all this federal tax out and I don't care about a refund? Please help thanks.

[toniflood]

Keep up the great 👍 work. I totally understand alot better about taxes because of your videos!! Thanks 😊

[Loredo_]

My friend told me that in the US, the government take a big chunk out of your paycheck for "taxes"
So, you have to pay the government if you wanna work? In MX government don't do that. But Cartel does.

[hamzaalaudi]

thank you man, really appreciated this clear info

[jessicadjedje]

KEEP UP THE GREAT WORK. THANKS FOR THIS AWESOME VIDEO.

[dragoniusxzyzianixezidian]

Why now the federal government is take less taxes normally for the w-4 throughout the year?

[calialcala]

Question taxes we pay for the year, how do we find that amount for the current year? (Like your 2, 900$ example before the year ends)
Also, can we make allowance changes to w4 anytime of the year and if so because of what I’ve learned from you ima get more of a refund than I want, can I adjust w4 to no longer take taxes out for the year if I know I reached the taxes owed for the year like the 2, 900$ example that you shared?

[almightyjosetv]

Brooo!! Can you please make a new video and kinda explain it a bit more. I’m still a bit confused. Does it benefit me if I get extra money withheld from each paycheck? What’s the difference between ‘Deductions’ & ‘Extra Withholding’

[johnwilliam]

Mike, Good call on your part on the edit... You 1st release had too much of your personal

[Nytellem]

Some people I know get only 80$ in tax return while another half of ppl I know get $1, 000 in return. I guess everyone’s withholdings are different.