FINE PRINT: W-2 Form

First Name:

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Last Name:

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Hour/Class:

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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

2. As 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

3. 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

4. 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)

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

• $1,722.44
• $2,480.17
• $14,450
• $16,172.44

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

• Medicare tax
• Federal income tax
• State income tax
• Social security tax

7. 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?

• $190.00
• $890.50
• $1,080.50
• $13,369.50