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Video instructions and help with filling out and completing Fill 940 Schedule R Form

Instructions and Help about Fill 940 Schedule R Form

Hi welcome to easy payroll guide my name is Karen Hutchinson and in this video we're going to talk about how to use the percentage method when you're trying to calculate withholding taxes for your employees this method can be used to calculate the withholding tax for any employee it does not matter how many withholding allowances they have chosen or the amount of their wages so this method can be used at any point whenever you are trying to determine withholding taxes you always need to use the employee's w-4 form this form will detail all of the information that you need in order to make this calculation we're going to use this fictitious character John Doe and this is the same exact example that we used in my previous video which was on using the wage bracket method so we're going to use the same two scenarios in order to calculate the same tax but using the percentage method John is single and he claims only one allowance remember that this information is filled out by the employee so this is the information that you must use when calculating their withholding tax John is paid on a bi-weekly basis which means that he's paid every other week and his wages for this pay period or 720 dollars so this is the information that we need to use in order to make the calculation so the first thing that we need to do the very first step now this calculation is a little more complicated so please follow along with me the first step is that the IRS in publication 15 has given us a percentage method table so these are the amounts for 2023 and these are the amounts for one withholding allowance and it's broken down by...

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