Wages And Salaries (Form W-2)

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

Explanation

You can create an account on FreeTaxUSA.com for free. This means that there is no cost or fee associated with signing up and creating an account on the website.

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Wages And Salaries (Form W-2) - Quiz

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


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

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?

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? 

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).

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?

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?

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?

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?

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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You can create an account on FreeTaxUSA.com for free.
Employers are required to send you a Form W-2 by what date each year?
Can nontaxable combat pay increase the amount of the Earned Income...
What is the form name of a corrected W-2? 
It is acceptable to abbreviate your business name while entering the...
What field on the W-2 should nontaxable combat pay be shown?
What is the best method to enter a 1099-MISC?
What fields need to be entered when filing a W-2 online?
When do you send a physical copy of your W-2 to the IRS or the state...
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