U3L4 - How to File Your Taxes

U3L4:
How to File Your Taxes

Open Ended

Which option would you choose to prepare your taxes? Explain why.

Multiple Choice

All of the following people should receive W-2 forms EXCEPT…

• 1. Edgar, who works 10 hours/week cleaning pools for $15/hour at WeCleanPools

• 1. Melinda, who works 40 hours/week at a local ice cream shop during the summer

• 1. Marcus, who is on salary as a sales representative at a shoe store, working full-time

• 1. Serena, who is a freelance wedding photographer

Multiple Select

What are two important items detailed in your W-2 form? (select two correct answers)

• 1. Wages, tips, and other compensation

• 1. Number of dependents you will claim

• 1. Federal and state taxes withheld from your earnings

• 1. Additional money you want withheld from your paycheck

Multiple Choice

When should you receive your W-2 form from your employer?

• 1. Attached to every pay stub

• 1. By January 1

• 1. By January 31

• 1. By April 15

Analyze this sample W-2 and answer the questions that follow.

​

FINE PRINT: W-2

Multiple Choice

1. This form will be sent to Lily by the end of January. She will use this W-2 form to...

• Obtain employment

• Receive her paycheck

• File her income taxes

• Begin her retirement savings

Multiple Choice

1. As Lily is completing her 1040 form, what piece of information will she find on a different document rather than on this W-2?

• 2. Gross wages earned

• 1. Federal income taxes she’s already paid

• 1. State income taxes she’s already paid

• 1. Income earned from her investments

Multiple Choice

1. All of the following employee information is included on a W-2 form EXCEPT...

• 2. Employer name and EIN (Employer Identification Number)

• 1. Employee’s Social Security Number

• 1. Employee’s date of birth

• 1. Employee’s current address

Multiple Choice

1. Based on this W-2, which of the following statements is TRUE?

• 2. Lily is contributing to a 401(k) retirement through her employer

• 1. Lily works in the state of Indiana, which does not have an income tax

• 1. Lily’s taxable wages are much larger at the federal level than at the state or local level

• 1. Lily earned more than $13,850 (which is the standard deduction amount)

Multiple Choice

1. What were Lily’s gross wages for this period?

• 2. $1,722.44

• 1. $2,480.17

• 1. $14,450

• 1. $16,172.44

Multiple Choice

1. Based on the W-2 form provided, what was the largest withholding?

• 2. Medicare tax

• 1. Federal income tax

• 1. State income tax

• 1. Social security tax

Multiple Choice

1. As Lily files her taxes, she learns that her federal total tax due ends up being $190. According to her Federal income tax withheld, how much of a tax refund can she expect back?

• 2. $190.00

• 1. $890.50

• 1. $1,080.50

• 1. $13,369.50

Drag and Drop

Based on the W-2 provided, Social Security tax withheld for Lily was ​

Placeholder

of wages and Medicare tax withheld was ​

Placeholder

of wages.​ ​

Drag these tiles and drop them in the correct blank above

6.2%

1.45%

1.3%

5.5%

10%

28%

Multiple Choice

1. What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?

• 1. $1,314.59

• 1. $1,547.24

• 1. $1,781.33

• 1. $2,886.75

Dropdown

Based on the W-2 provided, Lily paid Indiana a state income tax rate of ​

Select answer

.

Open Ended

11. What is the purpose of a W-2 form?