W4
What is the name of the W4?
Employee Withholding Certificate
What is the name of the W2?
Statement of Earnings & Deductions
What do 1099s deal with?
Other forms of income that are not from a W4 job.
What is the 1040 form?
Federal Tax Return Form
All states that impose a state income tax use a 500 form. True or false?
Each state has its own form, not necessarily called a 500 form.
Who is responsible for filling one out?
The employee.
Who will receive a W2 and when will they receive it?
All W4 employees will receive a W2 by Jan. 31 each year for the previous tax year.
What is a golden parachute?
A retirement/severance package that can financially take care of the former employee until they retire or find other employment.
By what date do I need to fill this out or file?
April 15th every year
When would you need to attach a schedule A, B, 1, 2, 3 to your tax return?
When itemizing your deductions and needed documentation to prove what you are trying to claim.
When would you fill out a W4?
New jobs, changes in the tax code, life-changing events such as marriage, birth of a child, divorce, death, etc.
True or False? You must fill out your W2 before you file your taxes each year.
False. The W2 is mailed to you already filled out by your employer.
Where are 1099s sent?
The same 4 places as the W2
On what line of the 1040 do I list the child or other dependent tax credits?
19
What happens if you lie or falsify the information on your schedules, 500 or 1040?
Maybe nothing for a while, but eventually you will be found out and then you are liable for the fraud and could be prosecuted and on the hook for any back taxes owed from previous years.
What is the value of both a child tax credit and other dependent credit?
Child - $2,000
Other - $500
Should you report things like cash not reported on the W2 when you file? If yes, why? If no, why?
Yes, you need to report all income so you and/or your tax professional can fight for every legal deduction there is so you can reduce your taxable income.
If I received income from my private fishing boat charters off the coast of North Carolina, what type of 1099 would I receive and by what date?
1099 MISC and by Jan 31 for the previous tax year.
Which option should I choose and why? Itemized or Standard deduction?
If itemizing, what do I need to have?
Whichever option will give you the largest deduction.
Back up documents or proof.
What is on a schedule A and B?
A - Major Itemized deductions
B - Interest and Ordinary Dividends
What happens if you tell the employer/fed gov. to take out too much money from your paycheck on the W4? What options do you have to remedy this?
You overpaid throughout the year and will receive a refund when you file.
Do nothing and get your refund. Fill out a new W4 and withhold less from your paycheck.
What 4 places is the W2 sent? Do not abbreviate.
You
Internal Revenue Service
Social Security Administration
Georgia Department of Revenue
What do the following 1099s deal with?
1099 MISC
1099 DIV
1099 INT
1099 NEC
Miscellaneous forms of income
Dividend payouts from a stock investment
Interest earned on an investment
Non Employee Compensation (Non W4)
What are the federal standard deductions for single, married filing joint, and head of household?
Single - 13,850
Married file joint - 27,700
HoH - 20,800
What is on a schedule 1, 2, 3?
1 - Additional Income
2 - Additional Taxes
3 - Additional Credits & Payments