W-4 Form and Withholdings

Which of the following is NOT a withholding tax?

• Federal and State Taxes

• Real Estate Taxes

• Social Security Taxes

• Medicare Taxes

Workers who pay FICA taxes......

• Don't pay any federal or state taxes

• Typically qualify to receive payments and benefits in the future

• Typically receive a larger tax refund in the spring

• Often make more money that other workers

What does IRS stand for and what do they do?

• Internal Revenue Service - the federal governments tax collection department

• Internal Revenue State - assist with student loans

• Internationally Responsible Students - promote social fairness and spirit

• Institute of Reliability Standards - monitor of meat checking and processing.

When an employee starts a new job, what is legally required to be completed?

• a blood test

• prepayment of taxes

• W - 4 Form

• a complete driver's license check

The W-4 form is used by employers to determine........

• the amount of money an employee should be earning

• the amount of money an employee should be saving from each paycheck

• future retirement money to be saved

• the amount of money to be withheld from an employee to pay taxes

Which of these is money an employer withholds from an employee's paycheck?

• personal allowances

• exemptions

• dependents

• withholding

What is withholding tax and what types of taxes does it include?

What is the difference between social security and medicare?

What is the basic definition of a dependent?

What is the purpose of the W-4 tax form?