tax prep questions for 2007
2007-02-19 05:41:39 · 5 answers · asked by marroncito 2 in Business & Finance ➔ Taxes ➔ United States
W-4 is the form employers give to employees to fill out in order to determine the amount of federal and state tax to withhold from a paycheck. In general if the salary from your job is your only income and you are single, you should claim one exemption, yourself. The employer will then refer to an IRS chart to get the amount they will withhold from your paycheck and submit to the IRS or state on your behalf. Other income such as interest or dividends should also be considered, as well as other dependent family members. There is a worksheet on the form that you can fill out to decide how many exemptions to claim. The W-4 may be adjusted as your situation changes.
W-2 is the form the employer must give you by January 31. This form shows your gross wages for the year and amount of income, social security, and medicare taxes withheld during the year.
2007-02-19 06:01:33 · answer #1 · answered by Curious 1 · 0⤊ 0⤋
A W4 is a form that your employer gives to you when you get hired. It tells the employer to take money out of your pay and send it to the IRS. Your employer needs this for their records, if you have a child, and have to change the # of dependents, you change it at your employers office by putting in a new W4.
A W2 is a form that your employer gives to you at the end of a tax season. This form tell you the total taxes that were taken out of your pay. It is used as a record when filing for a tax return.
2007-02-19 13:49:22 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
A W4 is filed with your employer to tell them how much tax to withhold from your pay.
A W2 is the Wage & Earnings Statement that your employer gives you in Jan or Feb of every year that lists your income and taxes withheld for teh previous year.
2007-02-19 13:46:09 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
A W4 tells the employer or payroll dept to withhold a certain amount in taxes fromm your earnings. A W2 is a statement of earnings and withholdings for the tax year from Jan 1-Dec 31
2007-02-19 13:47:06 · answer #4 · answered by Rob 7 · 1⤊ 1⤋
w4 is something to fill out before you start a job as your manager and they will help you
2007-02-19 13:44:58 · answer #5 · answered by Anonymous · 0⤊ 2⤋