W-4
What is the official name of the W-4?
Employee Withholding Certificate
True or False? You are responsible for filling out the W-2 in order to file your taxes?
False
The 1040 is also known as what?
Your federal tax return document
True or False? The 500 form is required in all states when filing taxes?
False- GA only, other states have similar tax docs
How many times per year do we file our taxes?
Once
How does the employer know how much to withhold from your paycheck?
You tell them on your W-4
The W-2 is a summary of ____________ and _________ throughout the year.
Earnings and deductions.
What are my two options for deductions?
Itemized and Standard
Is the standard deduction on the 500 form the same selection from the 1040 form?
No, state deductions are different.
When is the deadline to file our taxes?
April 15th of each year.
When are you supposed to fill out a W-4?
When starting a new job, and once per year to make sure any life changes are taken into consideration.
Your employer is responsible for sending you a copy of your W-2 by what date of the year?
January 31st
What are the standard deductions for the tax year 2021?
Single or Married Filing Separate: 12,550
Married Filing Joint: 25,100
Head of Household: 18,800
What are the standard deductions for the State of GA 2021?
What is a good way to keep your social security # safe if you can't remember it?
put it in your phone under a contact name that is not obvious so you can look it up if needed.
What are the most common filing options on the W-4 we had examples on in class?
Married filing joint, Married filing separate, and Single
True or False? W-2s list Federal tax, state tax and FICA tax paid throughout the year
True
AGI is defined as what? What box on the 1040 is this information found?
Adjusted Gross Income. Box 11
If you have more dependents than spaces on the 500 form, what steps do you need to take in order for the other dependents to be counted for your state tax return?
Attach an extra sheet listing the names, socials, and relationship to you for each additional dependent on an extra sheet of paper.
What does Coach Moore's wife do for a living?
Nurse for CHOA
The more deductions you claim, the _______ the tax amount is.
lower
A copy of the W-2 is sent to who? Must list all locations to get the points for this question.
The IRS (Federal Tax), The State (State Tax), the Social Security Administration (FICA) and to YOU.
If you are itemizing on your federal return, what must you have in order to do so?
Back up documentation
True or False? To get my AGI on the 500 form, I need to use the state tax tables to find that number?
Why?
False, the AGI is pulled straight from the 1040 form.
The state tax tables are used to find the amount of state tax
DAILY DOUBLE!!!!!
What is the name of Kieth Altobelli's company?
Liberty Tax Service