Understanding IRS Form W-4

What is the primary focus of the video tutorial on IRS Form W-4?

• Steps two to four

• Steps one to three

• Steps one to four

• Steps three to five

What is the purpose of Step 2 in the W-4 form?

• To determine tax withholding for multiple jobs or a working spouse

• To calculate deductions

• To claim dependents

• To adjust withholding for other income

Which tool is recommended for the most accurate tax withholding calculation?

• Tax Credit Estimator

• IRS Tax Withholding Estimator

• Multiple Jobs Worksheet

• Standard Deduction Calculator

What should you have handy when using the IRS tax estimator tool?

• Your most recent pay stubs and income tax return

• Your bank statements

• Your birth certificate

• Your social security card

Who generally qualifies as a dependent for tax purposes?

• Only children under 18

• Any person you financially support

• Children under 19 or 24 if a full-time student

• Any relative living with you

What is the child tax credit amount per qualifying child?

• $1,000

• $2,500

• $2,000

• $1,500

What is the purpose of Step 4 on the W-4 form?

• To determine filing status

• To calculate tax credits

• To adjust withholding for other income, deductions, and extra withholding

• To claim dependents

Where should you input other income not from jobs on the W-4 form?

• Step 2

• Step 3

• Step 4A

• Step 4C

What should you do if you experience major life changes like marriage or having a child?

• File a new tax return

• Consult a lawyer

• Ignore the changes

• Revisit your W-4 form

What is the main goal when filling out the W-4 form?

• To get a big refund

• To pay the right amount of tax throughout the year

• To increase your paycheck

• To avoid paying taxes