W-4
how many steps are there to fill out the W-4 form?
5 steps
What will the taxes do to your paycheck?
taken out of your paycheck.
How many tax preparation options are there?
3 options
How many steps are there to file your taxes?
9 steps
how many employment benefits do you need to compare?
6
what is the W-4 form used for?
how much money is needed to withhold from your paycheck for your federal taxes throughout the year.
What is gross pay?
The money you’ll receive before any taxes or deductions taken out
Where is the taxes taken from?
Your gross pay
why do we need to claim only one person as a dependent?
because everyone’s tax returns will need to be corrected when being claimed multiple times.
what’s PTO stand for?
Paid Time Off
what happens when you withhold too little?
you’ll be charged a penalty and owe money.
What is net pay?
The money you’ll receive after taxes or deductions taken out.
What are the taxes used for?
Roads, first respondents, public schools and employment benefits.
what personal information you’ll need to put in for filing taxes?
name, date of birth, SSN, and state of residence.
why do employers offer benefits?
to help protect you financially and make your work experience enjoyable.
what happens when you withhold too much?
you’ll be getting a refund.
What’s the difference between gross pay and earning?
Gross pay: the money you’ll receive before any taxes or deductions taken out.
Earnings: it’ll show your gross pay in the current pay period.
Why do you need to file your taxes each year?
to ensure that you’ve paid the right amount.
how many final verifications to complete filing your taxes?
4 final verifications
what is retirement and employer matching?
Allows you to invest your money with some tax benefits and free money goes to your retirement.
what do you put in step 4: other adjustments section?
if you have more than one job, additional income, and are self-employed.
What’s the difference between net pay and deduction?
Net pay: money you’ll receive after taxes or deductions taken out.
Deduction: how much money is taken out to pay for employee benefits.
Why does your employer send a W-2 form to you?
To report to both you and the government how much you’ve paid in taxes during the past year.
what’s the difference between standard and itemized deductions?
standard: a specific dollar amount that reduces the amount of income on which you’re taxed.
itemized: amounts you paid for certain state and local taxes including charities and other expenses.
what’s the difference between healthcare and disability insurance?
healthcare: enable employees to seek needed medical care.
disability: replaces a portion of lost income when you couldn’t work because you’re ill or disabled.