Understanding W-4 and W-2 Forms

Front

What is another name for Form W-4?

Back

Employee Withholding Allowance Certificate

Front

What is the main function of the Form W-4?

Back

To determine tax withholding

Front

What information is required for identification purposes? Address, Filing Status, Social Security Number (SSN), Name

Back

Social Security Number (SSN)

Front

Which of the following is NOT part of the required name information? First name, Middle initial, Last name, Nickname

Back

Nickname

Front

The frequency and size of paychecks can determine what?

Back

How much is withheld from a paycheck

Front

Why are pre-tax deductions important for paycheck withholdings?

Back

They reduce taxable income

Front

What age must a child be under to qualify for a $2,000 withholding reduction?

Back

17

Front

What is the additional amount added for other dependents?

Back

$500

Front

Which of the following is NOT a pre-tax contribution? Health insurance premiums, Health Savings Account (HSA) contributions, Flexible Spending Account (FSA) contributions, Credit card payments

Back

Credit card payments

Front

What happens if you do not report itemized deductions that exceed the standard deduction?

Back

Your withholding may be higher than necessary