Tax Documents

Which of the following things is TRUE about the W-2 form EXCEPT...

• You get 1 W-2 form every year, even if you had multiple jobs

• It contains information you'll need to fill out a 1040

• It lets you know how much you earned last year

• It lets you know how much was withheld from your paychecks

True or False: A teen's earned income can be reported on a parent's tax return.

• True

• False

The Wage and Tax Statement is the document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year. It reports employees' annual wages and the amount of taxes withheld from their paychecks.

• Branding

• W2

• W4

• Paycheck

Who is responsible for providing the W2 form?

• You
• Your Employer
• Your bank
• The IRS

The more allowances you claim on your W-4...

• The more money is withheld from your paycheck

• The less money is withheld from your paycheck

• The # of allowances doesn't impact how much $ is withheld

• You claim allowances on a W-2, not the W-4

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

When should you fill out a W-4?

• When you quit a job
• When you have 401K benefits 
• When you start a new job
• Whenever you feel like it

By claiming "exempt" on the W-4 form...

• You are paying all income taxes upfront at the START of the year.

• You are requesting an extension to file your taxes

• You will NOT have income taxes withheld from your paycheck.

• You are paying all income taxes at the END of the calendar year.

If a teen files a tax return, can the parent still claim him/her as a dependent?

• Yes. All teens are dependents until they are 18 years old

• No. If a teen files a tax return, he/she cannot be claimed

• Yes, as long as the teen meets the dependency requirements

• Yes, but the parent has to add the teen's income to theirs

Which tax form provides information on how much you have earned in interest on your savings tools, such as savings accounts?

• W2
• W4
• 1040
• 1099-INT