Embed Size (px)
Citation preview
CHAPTER 5
In this world nothing can be said to be certain, except death and taxes.
Benjamin Franklin
W4 Form
Name Address SS# marital status allowances # of exemptions you are claiming
Allowances are reductions in the amount of tax withheld from your paycheck.
Exempt status is available only to people who will not earn enough in the year to owe any federal income tax.
Social Security Number Given out at birth Permeant work identification number Employer withholds social security tax,
and then matches that amount they withhold and all of this is credited to your social security account.
Upon retirement, you receive monthly checks based on how much you have paid into your acct.
Social Security Card and Number
Why must it be protected?
Social Security Statement of Earnings
You can request to see your social security earning, to make sure they have been properly credited to your account.
There is no charge for this service and once you request it the earnings statement should come once a year.
Working papers Many states require minors—to obtain a
work permit before they are allowed to work
W2 Form
Summary of the following: income you have earned during the year the total amount the employer withheld for
taxes. The amounts include federal, state and local income tax and social security tax.
Form I-9.
Before you start working, you and your employer must complete an Employment Eligibility Verification form, or Form I-9.
The purpose of this form is to verify the employee’s identity and eligibility to work in the United States.
Along with the form, you will be required to present forms of identification, which could include a driver’s license, passport, Social Security card, or birth certificate.
