Where Form 8655 Revenue 2024

Yo yo yo, CPA Strength here! I'm back with another video, and let me tell you, this is my best one yet. Yeah, you heard it right. So, what's this video about? Well, it's all about explaining the W-2 form. If you receive a W-2, I want you to pay close attention to number two. Look at it carefully, because it represents the federal income tax withheld. Now, what does that mean? Let me explain. If there is a number in this section, it's crucial that you file your tax return. Why? Because it means that you might be eligible for a refund. Yes, you heard it right. There's a good chance you'll get some money back if there's a number in the federal income tax withheld section. So, what exactly is federal income tax withheld? It's the amount of money that gets deducted from each of your paychecks. Whenever you receive a paycheck, a portion of it goes towards federal income tax. This applies to all employees who receive a W-2, regardless of their working hours or days. Now, I know what you might be thinking. When you started your job, you were promised a certain amount per hour, but your paycheck ends up being less. Why does this happen? Well, it's because certain deductions are made before you receive your paycheck. These deductions include Social Security and Medicare. Unfortunately, you don't have control over these deductions; a percentage is taken automatically. However, you do have control over how much federal income tax is withheld from your paycheck. This is where it gets interesting. When you fill out a W-4 form, you can determine how much federal income tax should be withheld from your paycheck. It's an important document that helps the government calculate the correct amount. Ideally, you want to aim for...