Econ 1.4

Based on the W-2 provided, Lily paid Indiana a state income tax rate of ____.

3.2%

How many states have an income tax?

41 plus the district of cloumbia.

Based on the W-2 provided, Social Security tax withheld for Lily was_of wages and Medicare tax withheld was _ of wages.

6.2% 1.45%

All of the following employee information is included on a W-2 form EXCEPT...

Employee's date of birth

Based on the W-2 form provided, what was the largest withholding?

Federal income tax

Based on this W-2, which of the following statements is TRUE?

Lily earned more than $12,550 (which is the standard deduction amount)

what do teens need to file a 1040 form?

Name, address, social security # or tax id #

As Lily is completing her 1040 form, what information will she find on a different document rather than on this W-2?

federal income tax she's already paid

This form will be sent to Lily by the end of January. She will use this W-2 form to...

obtain employment

True or False: filing a state income tax requires a separate return.

true

What are employed: earned incomes?

w-2 form

As Lily files her taxes, she learns that her federal total tax due ends up being $190. How much would she end up paying.

$1080.50

What were Lily's gross wages for this period?

$14450

$1,781.33What was the total amount deducted from Lily's pay for Federal, State, and Local income tax?

$1783.33

Savings and investments or dividends:

1099-div