W-4, W-2, 1099, & I-9 Forms

What's a hourly wage?

a record is kept of the hours you work , and the number of hours then is multiplied by your pay rate

What's an allowance?

governments way of determining how much to take and give from your paycheck

What's your gross pay?

your total earnings in a year

Which part of the I-9 Form does the employee fill out and which part does the employer fill out?

-section 1 is employee -section 2 is employer

What's a Annual Salary?

A Annual Salary is usually divided into equal amounts paid each month or pay period

What is the difference between a W-2 form and a 1099?

A W-2 form totals all of the withdrawings from your gross pay. A 1099 is all of your income earnings

What does a W-4 form do/represent?

A W-4 form tells the government how much of an allowance you're giving them. (Helps determine how much is being taken from your paycheck.)

When is a W-4 form given?

It's given when you're hired for a job, and you're free to make a new one whenever you need For example: if you have a child, go from being single to married, or married to single you may want to change/update you W-4

What does a I-9 form do?

This form proves you are who you say you are (form of identification) purpose is to document that each new employment (both citizen and noncitizen) hired is authorized to work in the U.S.

What does dependent mean? (What does having a dependent mean?)

a dependent is someone who relies on you for support For example: a child would be a dependent

When do you fill out a W-2 form?

each year you work, you will receive a W-2 form from your employer by January 31st

Which docs must you present on a I-9 form?

either a doc from List A or both one from List B and C

What will happen if you put a higher number on your W-4 form?

more taxes will be withheld (larger paycheck) and you'll need to pay money on tax return day

What does independent contactor mean?

self employed

What's the down side of getting too much money back on tax return day?

the government had all of your money for a full year and it didn't earn any interest, you could've used that money to invest in something and earn more money

If you put a "0" on your W-4 form, what would the government do/how would it affect your paycheck?

the highest amount of taxes possible would be taken from your paycheck, and you'd get money back on tax return day

When is a I-9 form given?

within the firs 3 days of employment