Accounting

Accounting

Grade 12

Multiple Choice

What is the purpose of a W-4 form?

• how much to reduce for federal income tax from each paycheck.

• how much to withhold for federal income tax from each paycheck.

• how much to withhold for sales tax from each paycheck.

• how much to withhold for income tax from each pay.

Appendix B

A-13-16

Objectives

• Prepare the steps of filling the student tax form

• Illustrate the points to take care of while filling the student tax form

• Judge the filing of return electronically

Open Ended

Rearrange the steps of filling the form in order.

1.Add the total interest received, as reported on Form(s) 1099, and enter the total amount of interest on line 2.

2. Enter your name, address, and social security number.

3.Go to the worksheet for dependents on the back of the form and complete A through G. Enter the amount from G on line 5 on the front of the form.

4.Add the amount(s) in box 1 of your Form(s) W-2 and put that amount on line 1 of the form. This should be the total gross earnings from all of your jobs this year.

5.Add lines 1 and 2 and put the total on line 4. This is your total income for the year, called adjusted gross income.

Multiple Choice

If taxes have been withheld from a taxpayer’s paycheck all year, why would the amount paid in be less or more than what is owed?

• Taxes withheld are based on an expense of what the employee will earn

• Taxes reduced are based on an estimate of what the employee will earn

• Taxes withheld are based on an estimate of what the employee will earn

Watch the video

https://www.khanacademy.org/college-careers-more/personal-finance/pf-taxes/tax-forms/v/filling-out-1040ez

Open Ended

What are the precautions that should be taken while filing the form?

Multiple Choice

If Misha Randolf’s employer withheld $968 in taxes and her actual tax liability on the tax table was $1,012, will Misha owe taxes or receive a refund? For what amount?

• She will owe $54 in taxes.

• She will owe $44 in taxes.

• She will owe $34 in taxes.

Information

Most taxpayers are eligible to file their tax returns online. The Internal Revenue Service (IRS) offers the e-file option as a quick, easy, and accurate way to file tax returns

Open Ended

1.How can you file your return electronically?

2.What are the other services provided by IRS?

Multiple Choice

Why do you think you are required to attach Copy B of your W-2 to your tax return?

• It provides supporting documentation of the amounts entered as wages and taxes withheld

• It provides documentation of the amounts entered as costs and taxes withheld

• It provides documentation of the amounts entered as wages and expenses withheld

Open Ended

Write the main terms in 60 seconds