W-4
The people who are required to fill out a W-4
Who is all employees?
Which of the following does not use a W-2: Employers, Volunteers, Employees, IRS, or State/Local tax authorities
Who is volunteers?
Name 3 itemized deductions
What are Medical/dental expenses, state and local taxes, mortgage, gifts to charity, and casualty losses
This tax form is completed to inform how much federal income tax should be withheld from each paycheck
What is a W-4?
A W-4 is filled out on these 2 occasions
1. When is hire date
2. When situations change such as # of Dependents, Address', and/or tax deductions
Individuals that make at least this much within a tax year must be reported by their employer on a W-2.
What is $600?
The last acceptable date to submit your 1040
What is April 15th?
A form that analyzes an employee's salary information and determines whether the individual will have to pay additional taxes or receive a refund.
What is a W-2?
True or False:
Not paying enough can lead to a bill at the end of the year, and withholding to much can create a refund.
True
The form that uses a W-2 to complete
What is a 1040?
The importance of the 1040
What is to calculate your taxable income and tax on that income
The standard IRS form that individuals use to file their annual income tax return.
What is a 1040?