Kevin Hart stepped down from the Oscars, R Kelly is going to jail… oh yea and we just hit the 19th day of the government shutdown. So, if you didn’t know, now you know. Trump is really pushing for this wall to be built and now the government is shutdown because of it. According to him “the shutdown could lasts months, or even years.” You might not be affected by the shutdown now, but when taxes season starts, your taxes might be.
Your taxes: W-2’s and W-4’s explained
Each year as a citizen of America you are expected to pay taxes. Federal income tax is one tax you pay. In order to pay this tax, you can choose how much is ‘withheld’ from each check. You can choose to withhold nothing or you can choose to withhold everything, completely up to you. The amount you withhold should correlate with the tax bracket that you’re in. So, to calculate how much you should withhold on your W-4 form click here.
Now when tax season comes around you’ll be told that you either withheld too much or didn’t withhold enough. You’ll see this information on your W-2 form. If you did not withhold enough you will have to pay the rest of the federal income tax that you owe; if you withheld too much then its payday because you get a refund honey!
Make it Make Sense
- Step 1: W-4 Form
When you first get hired you are given a W-4 to fill out. This is to tell your job how much to withhold from your paychecks.
- Step 2: W -2 Form
Every year you are given this form by your employer so you can see how much you made and how much you withheld for taxes.
You should receive this by January 31st
- Step 3: Refund
If your tax withholdings are exactly where they should be, then don’t get excited because you aren’t getting anything. BUT if you paid too much in taxes then its payday!
Who cares it’s refund time!
It can get a little confusing when trying to understand the difference between a W-4 and a W-2 but basically, a W-4 is an INPUT document and a W-2 is an OUPUT document. You give the W-4 to tell your employer what to withhold and you get the W-2 to make sure that the amount you withheld is the same amount you should have paid in income taxes.
It’s kind of how you work 40 hours (W-4) a week for your employer but you and the government both get 2 (W-2) share the money.
THe government. is. playing.
3 weeks into the 2019 government shutdown: government workers are not getting paid, people are not getting their food stamps, people are not receiving their health care benefits, and the shutdown is costing America about $1.2 billion each week. The best part is that all of this is because Trump wants to have a power war with basically the will of the United States.
Allow me to explain. So, do you remember when Trump swore that America would build a wall at the Mexican border? Well for some reason he really thought this would happen. Not only is Mexico NOT paying for the wall, but now he wants Americans to spare $5 billion to pay for it. Five. Billion. Dollars … $5 billion can provide Medicaid for 1.4 million people. $5 billion can double funding for citizenship and immigration services (which could also solve the immigration issue he claims we have). We would need 5 Beyonce’s and Jay-Z’s EACH to come up with $5 billion.
How do people really feel about this?
Most people really don’t want to build this wall. Many people also think this government shutdown should not continue because of the build-a-wall debate.
Right now, more than 420,000 people are working without pay. It’s really disheartening to know that the people who have the power in our country are so willing to disregard the livelihoods of so many people, just to prove a point. Well, I guess it’s not so hard for those politicians that don’t have to worry about their tax return.
As we reach our 19th day into a government shutdown, it is starting to look like taxes are going to be a mess this year. We don’t know how long the shutdown will last, so be prepared. Although you may still receive your W-2s by January 31st, tax returns are definitely going to be delayed. So, at this point try to have all of your documents ready for taxes and file them EARLY, because if not you will see your returns a lot later than you may have expected.
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