BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Informs my employer how much I want to withhold in federal taxes for the coming year
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Lets me know how much I earned for the previous year, and how much tax I withheld
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Informs my employer how much I want to withhold in state taxes
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Is another term for a standard paycheck
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Detailed explanation-1: -Form W-2 is completed by an employer and contains important information that you need to complete your tax return. It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck.
Detailed explanation-2: -Box 1 “Wages, tips, other compensation": This is federal, taxable income for payments in the calendar year. The amount is calculated as YTD earnings minus pre-tax retirement and pre-tax benefit deductions plus taxable benefits (i.e., certain educational benefits).
Detailed explanation-3: -Box 1: Details how much you were paid in wages, tips and other compensation. Box 2: Shows how much federal income tax was withheld from your pay. Box 3: Shows much of your pay in Box 1 was subject to Social Security tax. Box 4: Shows how much Social Security tax was withheld from your pay.