Understanding W-4 and W-2 Forms

What is another name for Form W-4?

• Employee Tax Form

• Employee Withholding Allowance Certificate

• Employee Salary Form

• Employee Benefit Form

What is the main function of the Form W-4?

• To apply for health insurance

• To determine tax withholding

• To request a salary increase

• To enroll in a retirement plan

What information is required for identification purposes?

• Address

• Filing Status

• Social Security Number (SSN)

• Name

Which of the following is NOT part of the required name information?

• First name

• Middle initial

• Last name

• Nickname

The frequency and size of paychecks can determine what?

• How much is withheld from a paycheck

• The type of benefits you receive

• Your job title

• Your work hours

Why are pre-tax deductions important for paycheck withholdings?

• They reduce taxable income

• They increase job satisfaction

• They determine job location

• They affect work hours

What age must a child be under to qualify for a $2,000 withholding reduction?

• 18

• 17

• 16

• 15

What is the additional amount added for other dependents?

• $250

• $500

• $750

• $1,000

Which of the following is NOT a pre-tax contribution?

• Health insurance premiums

• Health Savings Account (HSA) contributions

• Flexible Spending Account (FSA) contributions

• Credit card payments

What happens if you do not report itemized deductions that exceed the standard deduction?

• Your withholding may be higher than necessary

• You will receive a bonus

• Your salary will increase

• You will be fined