Can Form 843 Withholding 2011-2023

Instructions and Help about Can Form 843 Withholding

Dean Michael the tax doctor here CEO and founder of tax help md today I want to talk to you about the equation used to figure out which programs you qualify for hardship programs offered by the IRS and the equation used is to determine your ndi or your net disposable income in order to determine your net disposable income the IRS takes your total household income and they subtract what they call absolute necessary living expenses now that's food clothing miscellaneous housing transportation and medical anything else they don't care about so they don't care if you have children in private schools you're paying student loans or you have old medical bills none of that matters all that matters is what you need to live breathe eat and work so for this calculation on the board taxpayer has 3,500 dollars in income IRS uses a national standard for food clothing and miscellaneous now that's determined by which county you live in and how many people you have in the household for this particular equation it's just one person in the household so you can subtract five hundred and eighty five dollars for food clothing and miscellaneous without having to prove every cheeseburger he ate and every bar soap that you use next that we need to take into consideration is your mortgage for your rent if you're not a homeowner if it's mortgage it's going to take into consideration taxes and insurance of course there's 1500 and mortgage on this one next is your utilities which is your electric gas water cable internet phone not going to go through all the numbers because they're obviously illustrate to here on the board you have your car payment the auto insurance for the car fuel to get back and forth to...