ACC 212 Tax Forms

Form W-2 (Wage and Tax Statement

• Provided by employer annually

• Shows total earnings and taxes withheld

• Used to file your tax return

• Sent to employees and IRS

Form W-4 (Employee’s Withholding Certificate)

• Filled out when starting a job

• Tells employer how much tax to withhold

• Based on income, dependents, and preferences

• Can be updated anytime

Form 1040 (U.S. Individuals Income Tax Return)

• Main form used to file federal taxes

• Reports income, deductions, and credits

• Determines if you owe taxes or get a refund

Form 1099 (Miscellaneous Income)

• Reports non-employee income

• Used by freelancers, contractors, and self-employed

• Common types: 1099-NEC, 1099-MISC

• No taxes withheld (usually)

Form 4868 (Extension Request)

• Requests a 6-month extension to file taxes

• Does NOT extend time to pay taxes owed

• Must be filed by tax deadline

Form I-9 (Employment Eligibility Verification)

• Verifies identity and legal work status

• Completed when starting a job

• Not a tax form, but employment-related

• Required by employers

Five Tax Filing Classifications

1. Single

2. Married Filing Jointly

3. Married Filing Separately

4. Head of Household

5. Qualifying Surviving Spouse

Why Filing Status Matters

• Affects tax rates and deductions

• Impacts eligibility for credits

• Determines standard deduction amount

Standard v Itemized Deductions

Single = $15,750

Married filing jointly = $31,500

U.S. Tax System is a progressive system

This means that the more you make - the higher your taxes should be