Wages And Salaries (Form W-2)
Form W-2 shows what you earned and the federal and state taxes taken from your wages during the year.
Questions and Answers
- 1.
- 2.
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.
- 3.
- 4.
Power point W-2 information.
- 5.
Employers are required to send you a Form W-2 by what date each year?
- A.
The first of January
- B.
The end of January
- C.
The first of February
- D.
The end of February
Correct Answer
B. The end of JanuaryExplanation
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.Rate this question:
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- 6.
You can create an account on FreeTaxUSA.com for free.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 7.
What fields need to be entered when filing a W-2 online?
- A.
The federal portion including taxes and social security withheld.
- B.
The state tax portion including state taxes withheld.
- C.
Tips and other contributions.
Correct Answer(s)
A. The federal portion including taxes and social security withheld.
B. The state tax portion including state taxes withheld.
C. 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.Rate this question:
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- 8.
It is acceptable to abbreviate your business name while entering the W-2 online (i.e. changing International Business Machines to IBM).
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
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.Rate this question:
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- 9.
What is the best method to enter a 1099-MISC?
- A.
Find fields on the the W-2 screen and enter as much information as possible from the W-2.
- B.
Enter 1099-MISC information on the Business Income section of FreeTaxUSA.com
- C.
File all 1099-MISC totals in the miscellaneous income field in the software.
Correct Answer
B. Enter 1099-MISC information on the Business Income section of FreeTaxUSA.comExplanation
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.Rate this question:
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- 10.
What is the form name of a corrected W-2?
- A.
W-2
- B.
W-2C
- C.
W-2 FIXED
Correct Answer
B. W-2CExplanation
These are usually sent from an employer to correct errors in a previous W-2.Rate this question:
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- 11.
What field on the W-2 should nontaxable combat pay be shown?
- A.
Box 12
- B.
Box 12 Q
- C.
Box 12 A
Correct Answer
B. Box 12 QExplanation
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.Rate this question:
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- 12.
Can nontaxable combat pay increase the amount of the Earned Income Credit or Additaional Child Tax Creidt?
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
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.Rate this question:
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- 13.
When do you send a physical copy of your W-2 to the IRS or the state department of revenue?
- A.
When you e-file, send copies of your W-2 for your federal and state returns.
- B.
When you mail your federal return attach a copy to the front page of your return.
- C.
When you mail your state return attach a copy to the front page.
Correct Answer(s)
B. When you mail your federal return attach a copy to the front page of your return.
C. 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.Rate this question:
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