Test Your W-2 Knowledge: A Personal Finance Quiz for Teens

📚 Quick Study Guide

• 📝 The W-2 form, officially called the Wage and Tax Statement, is an IRS document employers are required to provide to their employees annually.
• 📅 Employers must send W-2s to employees by January 31st of each year.
• 🔢 Box 1 shows your total taxable wages, salary, and tips.
• 💰 Box 2 shows the amount of federal income tax withheld from your pay during the year.
• 🏛️ Boxes 3 and 4 show Social Security and Medicare taxes withheld, respectively. These are calculated as percentages of your taxable wages.
• 💡 Understanding your W-2 helps you file your tax return accurately and claim any eligible refunds or credits.

Practice Quiz

1. Which box on the W-2 form shows your total taxable wages for the year?
   1. Box 1
   2. Box 2
   3. Box 3
   4. Box 4
2. What is the deadline for employers to send W-2 forms to employees?
   1. December 31st
   2. January 15th
   3. January 31st
   4. February 15th
3. Box 2 of the W-2 form indicates the amount of:
   1. Social Security tax withheld
   2. Medicare tax withheld
   3. State income tax withheld
   4. Federal income tax withheld
4. What taxes are reported in Boxes 3 and 4?
   1. Federal and State Income Tax
   2. Social Security and Medicare Tax
   3. Local and Property Tax
   4. Sales and Excise Tax
5. If you believe there's an error on your W-2, what should you do?
   1. Ignore it; the IRS will correct it.
   2. Contact your employer immediately.
   3. File your taxes with the incorrect information.
   4. Contact the IRS directly without informing your employer.
6. The W-2 form is also known as what?
   1. Tax Return Statement
   2. Wage and Tax Statement
   3. Income Verification Form
   4. Employment Summary
7. Why is it important to understand your W-2 form?
   1. To impress your friends.
   2. To file your tax return accurately.
   3. To apply for a credit card.
   4. To get a promotion at work.