W-2
Why is your W-2 important?
When do you fill out a W-4?
When you start a new job
Gross income is income that...
Is before taxes are taken out
When do you receive your W-2?
January
what information needs to be included in your W-4?
Name and address
social security number
number of dependents
any extra withholdings
Even if you don't meet the pay requirements to file your taxes why should you still file?
Because you still might be eligible for a refund
What appears on your W-2
Wages, tips, and other compensation
The amount you paid in Federal, state, and local taxes
The amount you paid in social security and Medicare
401K contributions
employer and employee addresses
What is net pay?
Your income after taxes and deductions are taken out
As a single person what is the income requirement to file your taxes?
$12,400
When is the last day to file your tax return?
April 15th
How do employers know how much income tax to withhold for federal taxes?
Based on your W-4
When does tax season start and end?
Feb. and April
As a single person, once you make a certain amount you are required to file a tax return. What is that amount?
$12,400
What does filing 0,1, and 2 mean on your W-4?
0-most taxes taken out
1-a little less taxes taken out
2- the least amount of taxes taken out
If you make $28,000 per year and paid $1,200 in state taxes. What percent did you pay in state income tax?
4.2%