How To Sign California Travel Agency Agreement

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hello my name is Katie C Norris and in this video I would like to talk about how to fill out new form w-4 for people who are married filing jointly and they also have kids let's get going [Music] first of all let's go to the IRS website and see what the form looks like this thing eww for 2020 it looks quite a bit different from earlier versions it has five different sections part number one right here personal information and five or mandatory in our example we're gonna concentrate on one three and step number five also you'll find on page two general instructions and additional worksheets that in our situation are just not applicable to you I just wanted to show what the form actually includes let's get to step one it's your personal information you have to fill your first name your middle initial last name your source security number in the yellow box here you'll see your address for the orange box see you have to click married filing jointly so it is box number two for the next item step two if you're married and filing jointly a new spouse does not work you don't have to worry about the section if you have two jobs or your spouse is also working you have to fill out that two and goes through the worksheet if you're working and you're also have a spouse who works and your celery's are quite similar what you can do is check the box here if you're getting a much higher paycheck than your spouse you have to go to the worksheet or you can use the estimator at the IRS website that will give you the most accurate withholding amount that will be my recommendation to do that plus it's much better from the privacy standpoint let's go to step number three which is actually claiming our dependents when can you use this section here in order to claim you dependent there's limitation in order to claim your dependents you have to have an income of four hundred thousand or or less otherwise this option is not available to you you have to multiply a number of qualifying children under age of seventeen by two thousand in our example say you have two kids here can claim for a thousand dollars and if you don't have any other dependents say like your elderly parents or grandparents you just put zero in here and in line three you put the total amount which is four thousand dollars in our example let's get to step number four which is optional step number four is other adjustments if you have other income that is not from jobs this is very important and that income comes from interest dividends or maybe retirement income you should include this amount in the box for a say it's $3,000 in interest also for deductions if you expect to use the standard deduction which is...