Homework-PracticeUnderstanding Form W-4 and W-2

Front

What is the purpose of Form W-4?

Back

To determine how much federal tax should be withheld from your earnings

Front

What does Form W-2 summarize?

Back

Your yearly earnings and the amount withheld for taxes

Front

Why is it important to understand W-4 and W-2 forms?

Back

To ensure you are not paying more taxes than necessary

Front

What is the purpose of Form W-4?

Back

To help your employer know how much money to deduct from your paycheck for taxes

Front

Who completes the Form W-4?

Back

Employee

Front

When is Form W-4 typically filled out?

Back

When you start a new job

Front

What information is required for identification purposes?

Back

Social Security Number (SSN)

Front

Which of the following is a filing status option? Single or Married filing separately, Employed or Unemployed, Student or Retired, Homeowner or Renter

Back

Single or Married filing separately

Front

What components are included in the address requirement?

Back

Street address, city, state, and ZIP code

Front

Which of the following is a factor that determines how much is withheld from a paycheck? Filing status, Age of the employee, Type of job, Length of employment

Back

Filing status