TAX REVISION

Differentiate between 'W-2 Form and W-4 Form'

List the types of income

Differentiate between 'Gross Income' and 'Adjusted Income'

Discuss what information does W-2 form provide?

Discuss what information does W-4 form provide?

The form will be sent to Lily by the end of January. She will use this W-2 form to

• obtain employment

• file her income tax

• receive her paycheck

Identify TWO examples of taxes deducted from your paycheck.

• Federal income tax

  Social Security Tax

• Social Security

  Public Safety Tax

• Federal income tax

  Public Safety Tax

• Road Taxes

  Social Security

Your employer is legally required to send you a W-2 form each year.

• True

• False

Which of the following is NOT an example of yearly taxes taken out, as shown on a W-2 form?

• Federal

• State

• Sales

• social security

A W-2 form is not needed to file your yearly taxes.

• True

• False