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W4 Content and vocabulary

Last updated 12 months ago
9 questions
Required
10
Draggable itemCorresponding Item
Filing Status
Document employees complete to determine federal tax withholding.
Pre-Tax Contributions
Money deducted from gross pay before taxes are calculated, such as 401(k) or HSA contributions.
IRS Tax Tables
Determines tax rates and withholding, including options like Single, Married Filing Jointly, or Head of Household.
Itemized Deductions
People supported financially by the taxpayer, often children or elderly family members.
Dependents
Extra amount requested to be withheld from each paycheck to cover taxes.
Additional Withholding
Amount of income remaining after subtracting pre-tax deductions from gross pay.
Taxable Income
Reduces taxable income by a fixed amount based on filing status.
W-4 Form
Specific expenses, such as mortgage interest or charitable donations, that reduce taxable income.
Standard Deduction
Total earnings before any deductions like taxes or benefits.
Gross Pay
Used by employers to calculate withholding based on pay frequency and W-4 information.
Required
1

Scenario: You are single, have no dependents, and contribute $300 monthly to a 401(k). Your gross monthly income is $4,000.
Calculate your taxable income.

Required
1

Scenario: You are single, have no dependents, and contribute $300 monthly to a 401(k). Your gross monthly income is $4,000. Would you expect higher or lower tax withholding compared to someone filing as Married Filing Jointly? Explain why.
Please answer in a complete sentence or sentences, or your answer will be marked wrong.

Required
1

Scenario: A married couple has three children under 17 and earns $60,000 annually. They claim all dependents on the W-4.
How much can they reduce their annual tax withholding by claiming dependents?

Required
1

Scenario: A married couple has three children under 17 and earns $60,000 annually. They claim all dependents on the W-4.
How much can they reduce their annual tax withholding by claiming dependents?

Required
1

You expect to receive $10,000 in freelance income this year but are unsure of the tax implications.Should you request additional withholding in Step 4(c) of the W-4? Why?

Required
1

You expect to have $20,000 in itemized deductions this year, which exceeds the standard deduction for your filing status. Your gross annual income is $75,000.
Calculate your taxable income after accounting for itemized deductions.

Required
1

You expect to have $20,000 in itemized deductions this year, which exceeds the standard deduction for your filing status. Your gross annual income is $75,000.
Explain why adjusting your withholding on the W-4 for itemized deductions can help you manage your take-home pay more effectively.

Required
1
  1. The W-4 form determines how much federal tax is from your paycheck.
  2. The form [blank2] summarizes your yearly earnings and the taxes withheld.
  3. [blank3] are pre-tax deductions that lower your taxable income, such as 401(k) contributions.
  4. Each qualifying dependent under 17 reduces tax withholding by [blank4] dollars.
  5. Filing status options include[blank5], [blank6], and [blank7].
  6. Adjustments for [blank8] are reported in Step 4(b) if they exceed the standard deduction.
  7. A [blank9] allows you to request extra withholding in Step 4(c).
  8. Taxable income is calculated by subtracting [blank10] from your gross pay.
  9. The IRS uses [blank11] to calculate how much tax should be withheld.
  10. [blank12] taxes vary by state and can use flat rates or tax brackets.
Other Answer Choices:
deducted