Income Taxes Basics. Forms 3

Employers are required to send out a W-2 by which date?

• December 31st

• January 15th

• January 31st

• February 15th

Which tax form would an independent contractor use when reporting income?

• 1099

• W-2

• 2099

• None of the above

Who is responsible for providing the W2 form?

• You
• Your Employer
• Your bank
• The IRS

When is a W4 form filled out?

• Right before you file your taxes
• When you quit a job
• When you start a job

Who is responsible for filling out a W4 form?

• You
• Your employer
• Your Bank
• The IRS

Which tax form provides information on how much you have earned in interest on your savings tools, such as savings accounts?

• W2
• W4
• 1040
• 1099-INT

Who provides you with the 1099-INT?

• You fill it out
• Your employer
• Your Bank

When is tax day?

• January 1st
• April 1st
• April 15th
• December 31st

Which is TRUE about earned and unearned income

• Unearned income is money you receive for work you did.

• Earned income is money you receive, but you didn't have to work for it.

• Both have a minimum income requirement that determines if you have to file a tax return.

• Both are subject to payroll tax.

Gross income is your taxable income AFTER deductions.

• True

• False