National Standards for Personal Financial Education
Earning Income
9a: Complete IRS Form W-4
Distribute to Students
Student Activity Packet
RESEARCH: The Tax Cycle
COMPARE: Tax Forms and their Purposes
FINE PRINT: W-4 Form
Learning Objectives
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
Question 1
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Question 2
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Question 3
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RESEARCH: The Tax Cycle
Filing your taxes can be intimidating. Set yourself up for success by learning the most important deadlines.
Research when these events happen in the tax cycle to complete the tables below.
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ACTIVITY: COMPARE: Tax Forms and Their Purpose
10 min
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.
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EDPUZZLE: What You Need to Know About Form W-4
5 min
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.
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Question 36
36.
Question 37
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Question 38
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Important tax dates and deadlines throughout the year
Confident
Somewhat Confident
Not Confident at All
The multiple different tax forms and their purpose
Confident
Somewhat Confident
Not Confident at All
What taxes-related tasks need to be completed when I start a new job or change jobs
Confident
Somewhat Confident
Not Confident at All
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FINE PRINT: W-4 Form
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.
Part I: Read The Fine Print
Analyze this sample W-4 and answer the questions that follow.
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Question 35
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Part II: What Did You Learn?
Why is it important to read the fine print of your W-4 form?
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
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?
May
September
October
December
Which of the following statements most accurately describes why it’s important to correctly fill out a W-4 form?
It determines how much money is withheld from your paycheck and can result in under or overpayment of taxes if filled out incorrectly
It is a legally binding contract between you and your employer that determines how much they pay you
If you pay the exact right amount in taxes, you receive a tax credit in the following year
If you underpay your taxes, you’ll be responsible for additional penalties beyond your normal tax obligation
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
1099
W-4
1040
W-2
I-9
My filing deadline is in April
Most people who earned income last year should complete me
Beware, there is a LOT to fill out
W-2
I-9
1040
1099
W-4
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
W-2
1099
W-4
I-9
1040
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!
1040
W-2
I-9
W-4
1099
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
W-4
I-9
1040
1099
W-2
Which of the following statements about the W-4 form is TRUE? (select all that apply)
The purpose of the form is to let employers know how much money to withhold from an employee's paycheck for taxes
The purpose of the form is to provide employees with reported wage and salary information
This form is given to employees every January
This form is given to employees on their first day on the job
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?
Request to fill out a new W-4 from his employer
Wait until next April to fill out a new W-4
Keep the same information on his W-4
Email his HR department that they need to update his W-4
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
Name and Address
Earned Income from Previous Job
Social Security Number
Marital Status
What is Maxwell’s filing status?
Single
Married filing jointly
Head of household
Dependent
Single
Married filing Jointly
Head of Household
Dependent
Which statement can you assume is TRUE?
Maxwell and his spouse plan to itemize their deductions this year
Maxwell and his spouse both work, or Maxwell himself has two jobs
Maxwell and his spouse work at Big City Office Furniture
Maxwell and his spouse are the owners of Big City Office Furniture
In order to fill out this W-4 form, Maxwell needed to know all of this information EXCEPT…
His Social Security Number
His address
The amount of taxes he’s paid in the last five years
The number of dependents he plans to claim on his tax return
Maxwell and his spouse file their taxes jointly and entered $4,000 on line 3. What does that tell you?
Maxwell and his spouse make less than $400,000 and have zero children
Maxwell and his spouse make less than $400,000 and have two children
Maxwell and his spouse make more than $400,000 and have zero children
Maxwell and his spouse make more than $400,000 and have two children
How many other dependents does Maxwell have?
0
1
2
3
If Maxwell had other income from interest or dividends which step might he want to complete on the W-4 form?
Step 1
Step 2(b)
Step 3
Step 4(a)
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?
Maxwell does not need to change anything on the new W-4 form
Claim $500 more in Box 3
Claim $2000 more in Box 3
Verbally tell the HR department at Big City Office Furniture
How much EXTRA money is Maxwell withholding from each paycheck?
$0
$10
$50
You Cannot Tell
Which statement below is TRUE?
Maxwell started working at this job during the 2024 tax year
Maxwell signed the W-4 form a few days before he started
Maxwell lives and works in the same city
Maxwell completed this W-4 for his job at Big City Office Furniture
When Maxwell completes this W-4, who should he submit it to?
