When Form 8865 Withholding 2023-2024

Yo, what's up, YouTube? So, every time we get a new job, one of the many forms we have to fill out is a W-4. I'll explain what a W-4 is and why it's important. Coming up, hey, what's up, guys? This is Eli with Build Your Tomorrow, a channel dedicated to everything and anything personal finance. We believe in spending less than we earn, saving money, paying down debt, and making sound investments. But most importantly, ladies and gentlemen, we believe in investing in ourselves. So, if you're new here, consider subscribing. Alright, guys. So, here in the United States, everyone has to pay taxes. There's no way around it. If you're a W-2 employee, your employer is responsible for withdrawing taxes from your paycheck. But how much should your employer withdraw exactly? This is where the W-4 form comes in. When you complete a W-4, you're giving your employer a sense of your financial obligations. Then, your employer takes that information along with your salary and calculates how much money needs to be withheld to pay for income taxes. It's not until you're actually filing your taxes during the tax season when you're telling the IRS officially how much income you earned, what deductions and credits you're claiming, and finally, how much taxes you really owe. The IRS then gets a return and either accepts it or declines it. Ideally, you would want the money that your employer sent to the IRS to be the same amount of money that you actually owe in income taxes. But that won't happen if your employer doesn't have an updated W-4 form. So, at the start of every year, it's a really good idea to fill out a new W-4 form, especially true this year, 2018, because tax reform was passed in December...