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Video instructions and help with filling out and completing new york state allowances calculator

Music welcome back to our town clear valley tax my name is Brian Kim I'm a certified public accountants and one of the partners our tax practice today we're going to be discussing how to use the online w-4 tax calculator this is for determining how many allowances that you should be claiming on your w-4 and whether you should make changes to your w-4 so we're gonna hop right into it so we got a request to fill out a w-4 tax withholding calculator for a specific case area requested by Jennifer so we're well before we get into that so the w-4 on page three and four we'll have a worksheet for you to calculate what you should write for your number of allowances however the online questionnaire for the tax withholding calculator will be more precise because they're gonna go more in depth about their questions so in my opinion it would be better if you did it online compared to this worksheet on a w-4 and helping you or guiding you in determining how many allowances that you should claim so we'll do it to Google to pull that up so if you go to Google let's write the IRS tax withholding calculator okay so we'll go to this website straight through the IRS and then we'll click on the link that says withholding calculator okay so in this specific request brought to us by Jennifer she's requesting a case scenario where it's single with zero dependents so just to get started what filing status we'll use on the 2019 income tax return well write single can someone claim you as a dependent this is asking if somebody's supporting you the official definition click on there if you want to know but if nobody supporting you then you'll click no okay so this is asking how many jobs will you be employed at so you can write one job however however many jobs that you have if you write two or more what's gonna happen on the next page is they're gonna give you a break out sheet by how much you'll expect to earn that each job so at the end of the day it's it's the same thing they're gonna tally up how much you expect to earn at each job and then you'll have your annual expected income but in this case we'll just select one and then they're asking you okay circumstances will you be no longer employed we contribute to 401k plan will you contribute to will you be paying for health insurance three employer they're asking you these questions because they affect your taxable income for example in this case if you contribute to a foreign K that's that's a deduction that's a reduction of income reduction of taxable income the same would apply for health insurance that's a deduction that's a reduction every w2 income so in this case scenario will say okay we will be contributing to