W2 and W4 Forms

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

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

• Gross wages earned

• Federal income taxes she’s already paid

• State income taxes she’s already paid

• Income earned from her investments

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

• Employer name and EIN (Employer Identification Number)

• Employee’s Social Security Number

• Employee’s date of birth

• Employee’s current address

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

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

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

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

• Lily earned more than $12,950 (which is the standard deduction amount)

What were Lily’s gross wages for this period?

• $1,722.44

• $2,480.17

• $14,450

• $16,172.44

Tags

CCSS.HSA.SSE.A.1

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

• Medicare tax 

• Federal income tax

• State income tax

• Social security tax

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CCSS.HSA.CED.A.4

CCSS.HSA.SSE.A.1

CCSS.HSS.ID.A.2

As Lily files her taxes, she learns that her federal total tax due ends up being $206. According to her Federal income tax withheld, how much of a tax refund can she expect back?

• $206.00

• $874.50

• $1,080.50

• $13,369.50

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CCSS.HSA.CED.A.1

CCSS.HSA.REI.A.1

CCSS.HSA.REI.B.3

Based on the W-2 provided, Social Security tax withheld for Lily was __________ of wages and Medicare tax withheld was __________ of wages.

• 1.3%, 5.5%

• 6.2%, 1.45%

• 10%, 10%

• 28%, 39.8%

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CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.2

CCSS.HSA.CED.A.4

CCSS.HSA.SSE.A.1

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

• $1,314.59

• $1,547.24

• $1,781.33

• $2,886.75

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CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

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

• 1.2%

• 2.9%

• 3.2%

• 4.6%

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CCSS.7.RP.A.2

CCSS.7.RP.A.3