W-2 and W-4 Forms Flashcard

Front

What is the purpose of a W-2 form?

Back

To report a taxpayer's annual income and the amount of taxes withheld.

Front

When must employers provide W-2 forms to their employees?

Back

By January 31st

Front

Which of the following information is NOT found on a W-2 form?
Employee's Social Security Number,
Total wages earned,
Federal income tax withheld,
Amount of bonuses paid

Back

Amount of bonuses paid

Front

What is the purpose of a W-4 form?

Back

To determine the amount of federal income tax to withhold from an employee's paycheck.

Front

When should an employee complete a new W-4 form?

Back

Only when they start a new job and when they have a significant change in income or family status.

Front

Which section of the W-4 form allows employees to claim allowances for dependents?

Back

Step 3: Claim Dependents

Front

What is the purpose of an I-9 form?

Back

To verify an employee's eligibility to work in the United States.

Front

Which documents can be used to establish both identity and employment authorization for the I-9 form? Options: U.S. Passport, Driver's License and Social Security Card, Birth Certificate, Permanent Resident Card

Back

Driver's License and Social Security Card

Front

Within how many days must an employee complete Section 1 of the I-9 form after starting work?

Back

3 days

Front

What is the purpose of a 1099 form?

Back

To report non-employee compensation.