Homework-PracticeUnderstanding Form W-4 and W-2

Quiz
•
Business
•
9th Grade
•
Hard
MOIRA HOWEE
Used 1+ times
FREE Resource
47 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of Form W-4?
To summarize your yearly earnings
To determine how much federal tax should be withheld from your earnings
To calculate your state tax
To report your total income for the year
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Form W-2 summarize?
Your monthly expenses
Your yearly earnings and the amount withheld for taxes
Your total savings
Your state tax obligations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to understand W-4 and W-2 forms?
To ensure you are not paying more taxes than necessary
To increase your salary
To apply for a loan
To change your job
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of Form W-4?
To apply for a new job
To determine health benefits
To help your employer know how much money to deduct from your paycheck for taxes
To calculate retirement savings
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who completes the Form W-4?
Employer
Employee
Tax advisor
Government official
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When is Form W-4 typically filled out?
When you retire
When you start a new job
At the end of the year
When you receive a promotion
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What information is required for identification purposes?
First name, middle initial, and last name
Street address, city, state, and ZIP code
Social Security Number (SSN)
Filing status
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