W-2s, W-4s, Dependents & Tax Tables (Review)

What is the purpose of a W-2 form?

• To report your annual earnings and taxes withheld by your employer

• To request an extension for tax filing

• To report income from self-employment

• To claim tax deductions

How does having dependents affect your tax return?

• Increases the amount of taxes you owe

• Has no effect on your taxes

• May qualify you for additional tax credits

• Reduces your filing status

What can result in a tax refund?

• Owing taxes at the end of the year

• Having too little tax withheld from your paycheck

• Having too much tax withheld from your paycheck

• Not filing a tax return

Jill is filing single and has a taxable income of $47,250. What does she owe in taxes for the year?

(a)  

Jill is filing head of household and has a taxable income of $47,750. What does she owe in taxes for the year?

(a)  

IRS stands for

• Internal Revenge System

• Internal Revenue Service

• Inspection Ravioli Sauce

• International Revenue System

Who completes and distributes the W2 form?

• You

• Your employer

• Your city

• Your parent

You will only get a tax refund if...

• Your employer withheld more tax money than needed.

• Your employer withheld less tax money than needed.

• Your employer withheld nothing for you.

• You ask very, very nicely.

FICA is both __________________ and _____________________?

• Federal tax and Social Security

• Federal tax, State tax

• Social Security, Medicare

• Wages, Taxes

When do you fill out your W4?

• Start of job

• Start of job + every year at the end of the year

• Start of job + anytime you want to change it

• Anytime