8.2 - Tax Forms

You start a new job running the fryer at Bushel of Burgers. Which form will you receive first from your employer?

• W-2

• W-4

• 1099

• 1040

Why is your W-2 so important?

• It proves that you're legally allowed to work in the US

• It determines how much tax money is withheld from each paycheck

• It provides the income and tax information you need to complete a 1040 form

• It allows you to set up direct deposit to your bank

Which form tells you how much you were paid by a company of which you are NOT an employee and often contains income that did NOT have taxes withheld?

• W-2

• W-4

• 1099

• 1040

Which of the following statements about the W-4 form is TRUE?

• Given to let employers know how much money to withhold from an employee's paycheck for taxes.

• The purpose of the form is to provide employees with reported wage and salary information.

• This form is given to employees every January.

• Only iven after working for a company for 6 weeks

Miguel has been working at his job for 3 years and already filled out a W-4 when he was first hired. This year, he just got married and is planning on filing his taxes jointly with his spouse. What should he do?

• Keep the same information on his W-4

• Wait until next April to fill out a new W-4

• Request to fill out a new W-4 from his employer

• Email his HR department that they need to update his W-4

You will need to include all of the following information on a W-4 form EXCEPT…

• Earned income from previous job

• Name and address

• Social security number

• Marital status

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

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

• Serena, who is a freelance wedding photographer

• Edgar, who averages 10/hrs per week as one of five employees at We Clean Pools

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

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

• Attached to every paystub

• By January 1st

• By January 31st

• By April 15th