W-2s, W-4s, Dependents & Tax Tables (Review)

Front

What is the purpose of a W-2 form?

Back

To report your annual earnings and taxes withheld by your employer

Front

How does having dependents affect your tax return?

Back

May qualify you for additional tax credits

Front

What can result in a tax refund? Options: Owing taxes at the end of the year, Having too little tax withheld from your paycheck, Having too much tax withheld from your paycheck, Not filing a tax return

Back

Having too much tax withheld from your paycheck

Front

Jill is filing single and has a taxable income of $47,250. What does she owe in taxes for the year?

Back

$8,006.00

Front

Jill is filing head of household and has a taxable income of $47,750. What does she owe in taxes for the year?

Back

6796, 6,796, 6796.00, 6,796.00, $6796, $6796.00, $6,796.00, $6,796

Front

IRS stands for

Back

Internal Revenue Service

Front

Who completes the W2 form?

Back

Your employer

Front

You will only get a tax refund if...

Back

Your employer withheld more tax money than needed.

Front

FICA is both __________________ and _____________________?

Back

Social Security, Medicare

Front

When do you fill out your W4? Options: Start of job, Start of job + every year at the end of the year, Start of job + anytime you want to change it, Anytime

Back

Start of job + anytime you want to change it