Beginning Federal Income Taxes

What type of information is NOT included on a W-2 form?

• Employee's Personal Information

• Federal and State Taxes Deducted

• Wages

• Employer's Social Security Number

Identify TWO examples of taxes deducted from your paycheck.

• Federal

• Road Taxes

• Social Security

• Public Safety Tax

The W-2 form is used to...

• gather tax withholding information for an employee.

• purchase health insurance from an insurance marketplace.

• report an employee's annual income and taxes.

• verify that their RSU account is certified with another tax form.

Is it true that the W-2 form will be available online by January 31st?

• True

• False

Single, Married Filing Joint, and Head of the Household are all examples of___ on a tax return.

• filing status
• standard deductions
• itemized deductions
• dependents

By what date must employers mail Wages and Tax Statements to employees?

• January 31
• April 15
• January 1
• March 1

Your spouses dies on November, what is your filing status for the year?

• Single

• Married filing jointly

• Qualified Widow(er)

• Married filing Separately

What does AGI stand for?

Why is AGI important?

• Used to limit your deduction and credits.

• It is the tax you own.

• All of these

• It is the income that your tax is calculated on.

Which is better, a deduction or credit?

• A deduction

• A credit