Analyzing Paystub/Types of Forms

Match the following

• 1099 Form

• **I am received whenever you start a job

  **You list information about yourself and your family on me

  **I determine how much money gets taken out of each paycheck

• W-2 Form

• **I am received whenever you start a job

  **You use me to prove that you are eligible to work in the U.S.

  **You must provide forms of identification when submitting me

• W-4 Form

• **I am received in January

  **There is one of me for every job you work

  **You can tell how much you earned and how much you paid in taxes by

  reading me

• I-9 Form

• **I am received in January

  **You get me if you are not an employee but were paid by a company

  **You probably didn’t get taxes withheld if you got me, so you may have a

  big tax bill coming up

• 1040 Form

• **I am completed every April

  **Anyone can use me

  **Beware, there is a LOT to fill out

Money earned before any deductions or taxes are taken out.​ ​ ​ ​

• gross income

• net income

• deductions

• federal withholding tax

Amount of money you earn after deductions and taxes have been subtracted from gross income. ​ ​

• gross income

• net income

• deductions

• federal withholding tax

​ ​ The amount taken out of your paycheck from gross income (e.g. taxes).

• gross income

• net income

• deductions

• federal withholding tax

Employer deductions to cover your federal income taxes based on income level and tax withholding allowances on your W-4.

• gross income

• net income

• deductions

• federal withholding tax

Similar to Federal tax withholding but for the state; varies based on the state you live in.

• state withholding tax

• social security tax

• medicare tax

• federal withholding tax

Percentage of your income that is withheld to fund Social Security benefits for retirees, disabled individuals and survivors.

• state withholding tax

• social security tax

• medicare tax

• federal withholding tax

Funds the Medicare health insurance program for individuals aged 65 and older and certain individuals with disabilities.

• state withholding tax

• social security tax

• medicare tax

• year to date (YTD)

Shows the cumulative totals of your income, deductions, and taxes from the beginning of the calendar year to the current pay period.

• state withholding tax

• social security tax

• medicare tax

• year to date (YTD)

The first place to start with your budget is to look at your income.

• True

• False