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Unit 2 Project

Form W-2 Worksheet (use for Part 2 of project)

Be sure to read the Unit 2 Income and Taxes Summary before completing this worksheet.

Answer these questions:

1. As indicated on the paystub, how often is John Doe paid?

     

2. How many allowances does John Doe claim for federal income tax purposes?

     

3. Did he work any overtime during the past year?

     

4. Of these two, Gross Pay and Net Pay, which one is before taxes? After taxes?

     

5. When should John Doe expect to receive his W-2 Form?

     

6. Since each W-2 Form must be attached to the tax return, what should a taxpayer do if he does not receive a W-2 Form from an employer?

     

7. What is the purpose of the W-2 Form?

     

8. Tax returns are due by what date each year?

     

9. John Doe lives in Alabama. Does Alabama have a State Income Tax?

     

10. Did John Doe participate in a retirement plan through his employer?

     

Use the Form 1040EZ prepared in Part I to answer these questions:

11. Why was John Doe’s taxable income less than his gross wages?

     

12. What amount did you list on Line 5?

     

13. What is the name of the amount listed on Line 5 (you can read Page 2 of Form 1040EZ for an explanation)?

     

14. Is John Doe eligible for a federal income tax refund? If so, what is the amount?

     

15. Is preparing an income tax return easier than you thought it would be?

     

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