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Distribute to Students
Students will be able to:
Identify important dates within the tax cycle
Compare tax forms and their purpose
Analyze a W-4 form
National Standards for Personal Financial Education
Earning Income
9a: Complete IRS Form W-4
Distribute to Students
Students will be able to:
Identify important dates within the tax cycle
Compare tax forms and their purpose
Analyze a W-4 form
National Standards for Personal Financial Education
Earning Income
9a: Complete IRS Form W-4
Important tax dates and deadlines throughout the year
The multiple different tax forms and their purpose
What taxes-related tasks need to be completed when I start a new job or change jobs
No matter what part of the tax cycle you’re in, there are different forms that will be crucial in preparing and filing your taxes. The more you know about these forms, the easier they will be to manage when you’re using them.
In the last resource you learned how the W-4 form is different from other tax forms. Let’s take another look at this important tax form you’ll need to fill out when you get a new job. Watch this video and follow your teacher's directions to answer the questions either in your student activity packet or within the EdPuzzle itself.
NOTE: EdPuzzle videos shuffle answer choices and do not always match the order provided in the lesson here.
Which of the following statements about the W-4 form is TRUE? (select all that apply)
You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?
W-2
1040
1099
W-4
You were unable to file your taxes before the April deadline and your application for an extension was approved. What month was your deadline extended to?
Which of the following statements most accurately describes why it’s important to correctly fill out a W-4 form?
I arrive in the mail or electronically in January
There is one of me for every job you work as an employee
I tell you how much you earned and how much you already paid in taxes
My filing deadline is in April
Most people who earned income last year should complete me
Beware, there is a LOT to fill out
Your employer asks you to complete me when you start a new job
You list information about yourself and your family on me
I determine how much money gets taken out of each paycheck
I arrive in the mail or electronically in January
You get me if…
You are NOT an employee, but were paid by a company
You sold investments (for a loss or gain)
You received dividend or interest payments
You earned other types of income
You probably didn’t withhold taxes from my earnings, so you may have a big tax bill coming up!
Your employer asks you to complete me when you start a new job
You use me to prove that you are eligible to work in the U.S.
You must provide identification when submitting me
Miguel has been working at his job for 3 years and already filled out a W-4 when he was first hired. This year, he just got married and is planning on filing his taxes jointly with his spouse. What should he do?
You will need to include all of the following information on a W-4 form EXCEPT…
Name and address
Earned income from previous job
Social Security number
Marital status
You will need to fill out a W-4 form on your first day of work. Make sure you know how to complete it properly, since it can impact your federal tax return.
What is Maxwell’s filing status?
Single
Married filing jointly
Head of household
Dependent
Which statement can you assume is TRUE?
In order to fill out this W-4 form, Maxwell needed to know all of this information EXCEPT…
Maxwell and his spouse file their taxes jointly and entered $4,000 on line 3. What does that tell you?
How many other dependents does Maxwell have?
If Maxwell had other income from interest or dividends which step might he want to complete on the W-4 form?
In June, Maxwell’s father comes to live in their home and can count as Maxwell’s dependent. What does Maxwell need to do on the new W-4 form he submits to reflect this change?
How much EXTRA money is Maxwell withholding from each paycheck?
Which statement below is TRUE?
When Maxwell completes this W-4, who should he submit it to?
Part II: What Did You Learn?
Why is it important to read the fine print of your W-4 form?
