1) This form will be sent to Lily by the end of January. She will use this W-2 form to... a) Obtain employment b) Receive her paycheck c) File her income taxes d) Begin her retirement savings 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? a) Gross wages earned b) Federal income taxes she’s already paid c) State income taxes she’s already paid d) Income earned from her investments 3) What were Lily’s gross wages for this period? a) $1,722.44 b) $2,480.17 c) $14,450 d) $16,172.44 4) Based on the W-2 form provided, what was the largest withholding? a) Medicare tax b) Federal income tax c) State income tax d) Social security tax 5) What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax? a) $1,314.59 b) $1,547.24 c) $1,781.33 d) $2,886.75 6) Based on this W-2, which of the following statements is TRUE? a) Lily is contributing to a 401k retirement through her employer b) Lily works in the state of Indiana, which does not have an income tax c) Lily’s taxable income is much larger at the federal level than at the state or local level d) Lily earned more than the standard deduction of $12,400 7) All of the following employee information is included on a W-2 form EXCEPT... a) Employer name and EIN (Employer Identification Number) b) Employee’s Social Security Number c) Employee’s date of birth d) Employee’s current address 8) Based on the W-2 provided, Social Security tax withheld for Lily was __________ of wages and Medicare tax withheld was __________ of wages. a) 1.3%, 5.5% b) 6.2%, 1.45% c) 10%, 10% d) 28%, 39.8% 9) Based on the W-2 provided, Lily paid Indiana a state income tax rate of ____. a) 1.2% b) 2.9% c) 3.2% d) 4.6% 10) As Lily files her taxes, she learns that her federal total tax due ends up being $206. According to her Federal income tax withheld, how much of a tax refund can she expect back? a) $206.00 b) $874.50 c) $1,080.50 d) $13,369.50

W-2 Form

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