Filling Out a W-4

Video Transcript

"On this segment we will talk about the W4, and how to fill it out. On page one of the W4 is a wor, personal allowances worksheet, and you start at number A, and you put a one on number A because you are claiming yourself usually. Then, the follow the instructions for number B. It tells you about single, or married, spouse, etc. You follow the alphabet all the way down to number H, and you add all of those lines up, and it's you see how many it says for your exemptions. If you have too many exemptions you are going to owe money when you do your taxes, because they will not have withheld enough to cover your tax bill. On the bottom part of the page one of the W4 you've, is the part you give to your employer, and you fill out your name completely, your social security number, your home address, and your marital status. You, on line five you say how much, how many exemptions you want to claim. And then on line six, if you should decide; every year you owe money and you want to not owe that money, and you want to give em' an additional amount beyond what you're claiming you can put that amount in line six. At the bottom you sign your name, and you date it. Now, there is a an area to claim exempt from withholding tax. Be very careful if you claim exempt, because that means no money is going to be withheld for your taxes, and if you file exempt you're going to have to pay the piper when you do your taxes, and it's not always a happy day. Thank you very much."