1. you might see the following terms on your pay stub. match each term with its closest description.\ni. a…

1. you might see the following terms on your pay stub. match each term with its closest description.\ni. a voluntary deduction to pay for your health coverage\nii. your total earnings before any deductions are taken out\niii. a voluntary deduction to your retirement account\niv. a mandatory deduction to pay for social security and medicare\nv. your total take - home pay for the year so far\nvi. a mandatory deduction to pay for national government programs\na. fica:\nb. federal income tax:\nc. 401(k) contribution\nd. gross pay:\ne. health insurance:\nf. ytd net pay:\n2. identify whether each statement is true or false.\na. in january, your employer mails you the tax forms w - 2, w - 4, and i - 9:\nb. your w - 2 form tells you how much you earned as an employee:\nc. form 1099 is the standard federal income tax form completed each year:\nd. january 1 is the last day to submit income tax forms or request an extension:\ne. when starting a new job, you will complete a w - 4 and an i - 9 form:\nf. if your tax situation is changing, you can fill out another w - 4 to update how much tax is withheld from your paycheck:\n3. answer all of the following questions about a w - 2 form.\na. who receives a w - 2 form?\nb. why might one person receive multiple w - 2 forms?\nc. what time of year do you receive a w - 2?\nd. what information is included on a w - 2?\ne. what do you use a w - 2 for?

1. you might see the following terms on your pay stub. match each term with its closest description.\ni. a voluntary deduction to pay for your health coverage\nii. your total earnings before any deductions are taken out\niii. a voluntary deduction to your retirement account\niv. a mandatory deduction to pay for social security and medicare\nv. your total take - home pay for the year so far\nvi. a mandatory deduction to pay for national government programs\na. fica:\nb. federal income tax:\nc. 401(k) contribution\nd. gross pay:\ne. health insurance:\nf. ytd net pay:\n2. identify whether each statement is true or false.\na. in january, your employer mails you the tax forms w - 2, w - 4, and i - 9:\nb. your w - 2 form tells you how much you earned as an employee:\nc. form 1099 is the standard federal income tax form completed each year:\nd. january 1 is the last day to submit income tax forms or request an extension:\ne. when starting a new job, you will complete a w - 4 and an i - 9 form:\nf. if your tax situation is changing, you can fill out another w - 4 to update how much tax is withheld from your paycheck:\n3. answer all of the following questions about a w - 2 form.\na. who receives a w - 2 form?\nb. why might one person receive multiple w - 2 forms?\nc. what time of year do you receive a w - 2?\nd. what information is included on a w - 2?\ne. what do you use a w - 2 for?

Answer

Brief Explanations:

  1. Matching terms:
    • FICA is the mandatory deduction for Social - Security and Medicare (IV).
    • Federal income tax is a mandatory deduction for national government programs (VI).
    • 401(k) contribution is a voluntary deduction to retirement account (III).
    • Gross pay is total earnings before deductions (II).
    • Health insurance is a voluntary deduction for health coverage (I).
    • YTD net pay is total take - home pay for the year so far (V).
  2. True/False statements:
    • a. False. Employers mail W - 2 forms by January 31st, but W - 4 is filled out by the employee when starting a job or changing tax situation and I - 9 is for employment eligibility verification, not usually mailed by employer in January.
    • b. True. The W - 2 form shows an employee's earnings, taxes withheld, etc.
    • c. False. The standard federal income tax form is 1040, not 1099. 1099 is used for reporting non - employee income.
    • d. False. The last day to submit income tax forms or request an extension is April 15th (or the next business day if 15th falls on a weekend or holiday).
    • e. True. When starting a new job, employees fill out a W - 4 (for tax withholding) and an I - 9 (for employment eligibility).
    • f. True. If tax situation changes, an employee can fill out a new W - 4 to adjust tax withholding.
  3. W - 2 form questions:
    • a. Employees receive a W - 2 form. It is provided by their employers to report their annual earnings and tax withholdings.
    • b. One person might receive multiple W - 2 forms if they have worked for more than one employer during the tax year. Each employer is required to issue a W - 2 form.
    • c. Employers are required to send out W - 2 forms to employees by January 31st of the year following the tax year.
    • d. A W - 2 form includes information such as employee's wages, tips, and other compensation; federal, state, and local income tax withholdings; Social Security and Medicare taxes withheld; and employer - provided benefits like health insurance and retirement plan contributions.
    • e. A W - 2 form is used to prepare an individual's federal and state income tax returns. It provides the necessary income and tax - withholding information for accurate tax filing.

Answer:

    • a. IV
    • b. VI
    • c. III
    • d. II
    • e. I
    • f. V
    • a. False
    • b. True
    • c. False
    • d. False
    • e. True
    • f. True
    • a. Employees.
    • b. If they have worked for multiple employers in a tax year.
    • c. By January 31st of the year following the tax year.
    • d. Wages, tips, compensation, tax withholdings, and employer - provided benefits information.
    • e. To prepare federal and state income tax returns.