Tax Documents

The government agency in charge of collecting tax.

• FICA
• IRS
• NBA
• SEC

Taxes are deducted from all employees paychecks

• true
• false

Which tax form is used  to provide information about your previous year's pay and deductions from that year?

• W2
• W4
• 1040A
• 1099-INT

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

• True

• False

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

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

Who is responsible for providing the W2 form?

• You
• Your Employer
• Your bank
• The IRS

What do you need to file your 1040 form?

• Your W-2

• Your W-4

• Your prior year's tax return

• Income of $50,000 or more

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