FL CW 11.3 W-2 Form/File Taxes

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

• Obtain employment

• Receive her check

• File her taxes

• Start her retirement savings

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?

• 1. Gross wages earned

• Federal income taxes she’s already paid

• 1. 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...

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

• 1. Employee’s Social Security Number

• 1. Employee’s

  2. date of birth

• Employee’s

  current address

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

• 1. 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)

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

• 1. $1,722.44

• 1. $2,480.17

• $14,450

• 1. $16,172.44

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

• 1. Medicare tax 

• 1. Federal income tax 

• 1. State income tax

• Social security tax

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?

• 1. $190.00

• $890.50

• 1. $1,080.50

• 1. $13,369.50

1. Based on the W-2 provided,

2. Social Security tax withheld for Lily was __________ of wages and

3. Medicare tax withheld was __________ of wages. 

• 1.3%, 5.5%

• 6.2%, 1.45%

• 10%, 10%

• 28%, 39.8%

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

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

• 1.2%

• 1. 2.9%

• 1. 3.2%

• 4.6%