Wages And Salaries (Form W-2)

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  • 1/9 Questions

    You can create an account on FreeTaxUSA.com for free.

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    • False
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About This Quiz

Form W-2 shows what you earned and the federal and state taxes taken from your wages during the year.



Wages And Salaries (Form W-2) - Quiz

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  • 2. 

    Employers are required to send you a Form W-2 by what date each year?

    • The first of January

    • The end of January

    • The first of February

    • The end of February

    Correct Answer
    A. The end of January
    Explanation
    Employers are required to send employees a Form W-2 by the end of January each year. This form reports the employee's annual wages and the amount of taxes withheld from their paycheck. By receiving the Form W-2, employees can accurately report their income when filing their tax returns.

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  • 3. 

    Can nontaxable combat pay increase the amount of the Earned Income Credit or Additaional Child Tax Creidt?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Nontaxable combat pay can increase the amount of the Earned Income Credit or Additional Child Tax Credit. This is because combat pay is not included in the calculation of taxable income, but it is still considered earned income for the purposes of these tax credits. Therefore, if a taxpayer receives nontaxable combat pay, it can increase their eligible income for these credits and potentially result in a higher credit amount.

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  • 4. 

    What is the form name of a corrected W-2? 

    • W-2

    • W-2C

    • W-2 FIXED

    Correct Answer
    A. W-2C
    Explanation
    These are usually sent from an employer to correct errors in a previous W-2.

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  • 5. 

    It is acceptable to abbreviate your business name while entering the W-2 online (i.e. changing International Business Machines to IBM).

    • True

    • False

    Correct Answer
    A. False
    Explanation
    It is not acceptable to abbreviate your business name while entering the W-2 online. The W-2 form requires accurate and complete information, including the full business name. Abbreviating the name could lead to errors or confusion in the tax reporting process. Therefore, it is important to enter the full business name as it appears on official documents.

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  • 6. 
    What field on the W-2 should nontaxable combat pay be shown? - ProProfs

    What field on the W-2 should nontaxable combat pay be shown?

    • Box 12

    • Box 12 Q

    • Box 12 A

    Correct Answer
    A. Box 12 Q
    Explanation
    Nontaxable combat pay should be shown in Box 12 Q on the W-2 form. This box is specifically designated for reporting combat pay, which is exempt from federal income tax. By including it in Box 12 Q, the employer is indicating that this income is not subject to taxation.

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  • 7. 
    What is the best method to enter a 1099-MISC? - ProProfs

    What is the best method to enter a 1099-MISC?

    • Find fields on the the W-2 screen and enter as much information as possible from the W-2.

    • Enter 1099-MISC information on the Business Income section of FreeTaxUSA.com

    • File all 1099-MISC totals in the miscellaneous income field in the software.

    Correct Answer
    A. Enter 1099-MISC information on the Business Income section of FreeTaxUSA.com
    Explanation
    The best method to enter a 1099-MISC is to enter the information on the Business Income section of FreeTaxUSA.com. This ensures that the information is correctly categorized and accounted for in the tax filing process.

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  • 8. 

    What fields need to be entered when filing a W-2 online?

    • The federal portion including taxes and social security withheld.

    • The state tax portion including state taxes withheld.

    • Tips and other contributions.

    Correct Answer(s)
    A. The federal portion including taxes and social security withheld.
    A. The state tax portion including state taxes withheld.
    A. Tips and other contributions.
    Explanation
    When filing a W-2 online, the fields that need to be entered include the federal portion, which includes taxes and social security withheld. Additionally, the state tax portion, including state taxes withheld, needs to be entered. Finally, any tips and other contributions also need to be included in the filing.

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  • 9. 

    When do you send a physical copy of your W-2 to the IRS or the state department of revenue?

    • When you e-file, send copies of your W-2 for your federal and state returns.

    • When you mail your federal return attach a copy to the front page of your return.

    • When you mail your state return attach a copy to the front page.

    Correct Answer(s)
    A. When you mail your federal return attach a copy to the front page of your return.
    A. When you mail your state return attach a copy to the front page.
    Explanation
    When you e-file, you do not need to send a physical copy of your W-2 to the IRS or the state department of revenue. However, when you choose to mail your federal and state returns, you should attach a copy of your W-2 to the front page of each return. This ensures that the IRS and state department of revenue have the necessary information to process your tax return accurately.

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  • 10. 

  • 11. 

    Did you know? Our software will automatically use the nontaxable combat pay if it increases either one of those credits (Earned Income or Child Tax Credit). If it doesn’t increase those credits, then the nontaxable combat pay won’t be used.

  • 12. 
    - ProProfs

  • 13. 

    Power point W-2 information.

Quiz Review Timeline (Updated): Mar 22, 2023 +

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 20, 2011
    Quiz Created by
    Thtraining
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