Purpose of Tax Forms

Purpose of Tax Forms

W-2, W-4, I-9, 1099, and 1040

Review of W-4

• W-4 is completed by YOU BEFORE you start your job

• Tells the employer how much tax to take out of your paycheck

• Only completed BEFORE you start working OR if you want to change how much taxes are taken out

W-4 Example

Multiple Choice

The form employers must provide to employees by January 31 of each year that gives annual income and withholding information. (Income money received from wages and salaries, rent, interest, and profit) is?

• Form W - 2

• Form W - 4

• Employment Status Form

• Form-L occasion

Review of W-2

• Completed by your employer by Jan 31st

• Lists totals of all taxes taken out of your paycheck from entire year (last January-December)

• can have multiple W-2's if you've had multiple jobs in a calendar year

W-2 Example

Multiple Select

A tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes

• Form W-1

• Form W-2

• Form W-3

• Form W-4

I-9

• The Employer's (your boss) job to complete an I-9 form on you once you're hired

• used to verify your identity

• must present appropriate documents

• examples of documentation include: passport, driver license and social security number/birth certificate, (a longer list is on the IRS website)

Multiple Choice

Who is considered an alien on an I-9 form?

• A person who is not a citizen
• A person who is a citizen through naturalization
• A child under 18
• An adult over 18

Multiple Choice

Why do people fill out I-9 forms? 

• To prove they were born in the US
• To prove they can work in the US
• For their taxes
• To take out the right amount of money out of their taxes

1099 Form

• Use 1099 forms to report different types of unearned income

• There are different types of 1099 forms that include:

• 1099-int: interest income (like from savings account)

• 1099-div: dividends (if you made money from stocks)

• 1099-misc: rent or income from prize money

• 1099-R: retirement money

Multiple Select

Click types of income that the 1099 form is used for

• interest income

• certain retirement income

• miscellaneous

• long term care (nursing homes)

• dividend income

1040 Form

Tax form used for individuals to file federal tax returns

This form uses the information from your W-2's and 1099's (if applicable) to determine if the government owes you a refund OR if you didn't pay enough in taxes throughout the year and owe the IRS more money.

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