8.1.2 Live Class

8.1.2 Live Class

Taxes and Form W-2

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• ​If Boxes 1 and 3 are not the same, where is the difference entered?

• ​Why would the income for state, local, and federal be different on the W-2?

Multiple Choice

What was the local tax withheld?

• $3,000

• $4,000

• $15,000

• $1,500

Multiple Choice

What percentage of your income was withheld for federal taxes?

Percentage = Part/Whole *100

• 10%

• 12%

• 1%

• 5%

Multiple Choice

Pennsylvania state tax is 3.07%. Did you have enough witheld in box 17?

Remember 3.07% of State Income

• Yes

• No

Multiple Choice

You earned $32,900 for the year. Which tier do you fall in for federal tax?

• 10%

• 12%

• 22%

• 24%

Multiple Choice

You earned $45,200 for the year. Which tier do you fall in for federal tax?

• 10%

• 12%

• 22%

• 24%

Multiple Choice

You earned $84,250 for the year. How much do you owe for Federal taxes?

• $6,858.50

• $14,283.50

• $11,522.50

• $9,619.50

Multiple Choice

You earned $76,597 for the year and had $12,150 withheld for Federal Tax. Did you have enough withheld?

• Yes

• No

Multiple Choice

You earned $41,650 for the year and had $3,550 withheld for Federal Tax. Did you have enough withheld?

• Yes

• No

​Lesson Wrap-Up

• ​Monday: Form 1099 (self employment)

• ​Tuesday: Quiz

• ​Wednesday and Thursday - Form 1040

• ​7 days until Break