11 Fine Print: W2 Form (NGPF)

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

• 1. Obtain employment

• 1. Receive her paycheck

• 1. File her income taxes

• 1. Begin her retirement savings

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

2. As Lily is completing her 1040 form, what piece of information will she find on a different document rather than on this W-2?

• 1. Gross wages earned

• 1. Federal income taxes she’s already paid

• 1. State income taxes she’s already paid

• 1. Income earned from her investments

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

3. All of the following employee information is included on a W-2 form EXCEPT...

• 1. Employer name and EIN (Employer Identification Number)

• 1. Employee’s Social Security Number

• 1. Employee’s date of birth

• 1. Employee’s current address

4. Based on this W-2, which of the following statements is TRUE?

• 1. Lily is contributing to a 401(k) retirement through her employer

• 1. Lily works in the state of Indiana, which does not have an income tax

• 1. Lily’s taxable wages are much larger at the federal level than at the state or local level

• 1. Lily earned more than $13,850 (which is the standard deduction amount)

5. What were Lily’s gross wages for this period?

• 1. $1,722.44

• 1. $2,480.17

• 1. $14,450

• 1. $16,172.44

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CCSS.6.NS.B.3

6. Based on the W-2 form provided, what was the largest withholding?

• 1. Medicare tax

• 1. Federal income tax

• 1. State income tax

• 1. Social security tax

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CCSS.6.NS.B.3

7. As Lily files her taxes, she learns that her federal total tax due ends up being $190. According to her Federal income tax withheld, how much of a tax refund can she expect back?

• 1. $190.00

• 1. $890.50

• 1. $1,080.50

• 1. $13,369.50

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CCSS.7.NS.A.1D

8. Based on the W-2 provided, Social Security tax withheld for Lily was __________ of wages and Medicare tax withheld was __________ of wages.

• 1. 6.2%, 1.45%

• 1. 1.3%, 5.5%

• 1. 28%, 39.8%

• 1. 10%, 10%

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CCSS.6.RP.A.3C

9. What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?

• 1. $1,314.59

• 1. $2,886.75

• 1. $1,547.24

• 1. $1,781.33

Tags

CCSS.6.NS.B.3

10. Based on the W-2 provided, Lily paid Indiana a state income tax rate of ____.

• 1. 1.2%

• 1. 2.9%

• 1. 3.2%

• 1. 4.6%

Tags

CCSS.7.RP.A.3