W-4 Form Quiz

A W-4 form helps ensure you're not _______ taxes throughout the year.

• Over-reporting

• Under-reporting

• Underpaying

• Overpaying

What does the W-4 form include to help calculate withholding amount?

• A list of deductions.

• A worksheet.

• A tax table.

• A list of exemptions.

What is the OMB number for the 2023 Form W-4?

• 1234-5678

• 1545-0074

• 9876-5432

• 2023-0001

What must you do under penalties of perjury when signing Form W-4?

• Declare that the certificate is true, correct, and complete

• Provide a witness

• Attach a photo ID

• Submit a notarized document

What is the purpose of the Employee’s Withholding Certificate?

• To apply for a loan

• To determine the amount of federal income tax to withhold from your pay

• To register for social security

• To apply for unemployment benefits

What is included in Step 3 of the Optional W-4 Form Steps?

• Adjustments for dependents and credits

• Reporting job income

• Indicating other income

• Claiming tax refunds

What should you add to the amounts for qualifying children and other dependents to get the total for Step 3?

• The amount of any other credits

• The amount of any deductions

• The amount of any extra withholding

• The amount of any other income

What is the main difference between W-2 and 1099 forms?

• W-2 is for employees, 1099 is for independent contractors

• W-2 is for students, 1099 is for teachers

• W-2 is for government workers, 1099 is for private sector workers

• W-2 is for salaried employees, 1099 is for hourly employees

Which form would you receive if you have other income like interest or dividends?

• 1099 form

• W-2 form

• W-4 form

• 1040 form

What is the main difference between W-2 income and 1099 income regarding tax withholding?

• W-2 income requires you to withhold your own taxes.

• 1099 income has taxes withheld by your employer.

• W-2 income has taxes withheld by your employer.

• 1099 income has taxes withheld throughout the year.